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Positive economics as such avoids economic value judgments. For example, a positive economic theory might describe how money supply growth affects inflation, but it does not provide any instruction on what policy ought to be followed. An example of a normative economic statement is as follows:
A set of sentences is called a theory; thus, individual sentences may be called theorems. To properly evaluate the truth (or falsehood) of a sentence, one must make reference to an interpretation of the theory. For first-order theories, interpretations are commonly called structures. Given a structure or interpretation, a sentence will have a ...
A logical argument, seen as an ordered set of sentences, has a logical form that derives from the form of its constituent sentences; the logical form of an argument is sometimes called argument form. [6] Some authors only define logical form with respect to whole arguments, as the schemata or inferential structure of the argument. [7]
A variety of basic concepts is used in the study and analysis of logical reasoning. Logical reasoning happens by inferring a conclusion from a set of premises. [3] Premises and conclusions are normally seen as propositions. A proposition is a statement that makes a claim about what is the case.
The underlying logical proposition 'This paper is white' is transformed into the adjective phrase white paper. The whole sentence is constituted according to the principle of predication; and phrases are identified by means of substitution. This insight led to the development of categorial and type logical grammar. [13]
An economic model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them. The economic model is a simplified, often mathematical , framework designed to illustrate complex processes.
Propositional logic, as currently studied in universities, is a specification of a standard of logical consequence in which only the meanings of propositional connectives are considered in evaluating the conditions for the truth of a sentence, or whether a sentence logically follows from some other sentence or group of sentences.
Logic is the study of proof and deduction as manifested in language (abstracting from any underlying psychological or biological processes). [1] Logic is not a closed, completed science, and presumably, it will never stop developing: the logical analysis can penetrate into varying depths of the language [2] (sentences regarded as atomic, or splitting them to predicates applied to individual ...