THE POTENTIAL FOR ECONOMICS RESEARCH
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Realizing the potential for economics research depends on the successful completion of several interdependent tasks:
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A problem is identified,
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Data related to the problem are
collected,
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Description transforms data into useful information,
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Theory is brought to bear so that the problem can be understood and analyzed,
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Explanation involves interaction between data and theory in order to make clear that which needs to be understood,
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Prescription points to actions which can alter the course of events and deal with the problem.