What is the relationship between economics and logic?

Answer 1

Logic is simply the study of reasoning, and in its application it can be used to help us determine if a given argument or claim is fallacious or not, or whether or not it stands to reason. Since Economics as a science is one in which conclusions generally are not made from controlled tests done in a laboratory but from the analysis of statistics drawn from real world happenings, making sound conclusions from a set of data depends on a sound application of the principles of logic. Economists often base their disagreements with each other on logical grounds, pointing out fallacies of logic which may invalidate the other's position.

Answer 2

Logic is simply the study of reasoning, and in its application it can be used to help us determine if a given argument or claim is fallacious or not, or whether or not it stands to reason. Since Economics as a science is one in which conclusions generally are not made from controlled tests done in a laboratory but from the analysis of statistics drawn from real world happenings, making sound conclusions from a set of data depends on a sound application of the principles of logic. Economists often base their disagreements with each other on logical grounds, pointing out fallacies of logic which may invalidate the other's position.