RESEARCH METHODOLOGY AND ITS SIGNIFICANCE IN ECONOMIC SCIENCE

Abstract

The article considers the fundamental aspects of the methodology of scientific research as a determining factor in the development of modern economic thought. The content of such paradigms as scientific research, methodology of scientific research, scientific approach to research, scientific method is substantiated. It is established that the methodology of scientific research acts as a conceptual foundation of economic science, ensuring logical consistency, objectivity and verification of the results of Economic Analysis. The main components of the scientific research methodology are revealed: design/approach, research question and hypotheses, research object/sample, data collection methods, data evaluation methods, quality criteria, ethical aspects. The key advantages of applying the scientific approach in research are shown: it promotes objectivity and minimizes bias; it allows replication and verification; it helps to establish cause-and-effect relationships. The stages (steps) of the scientific method in the process of conducting research are established: posing a question, conducting a background study, formulating a hypothesis, testing it through an experiment, analyzing data, formulating a conclusion and communicating results, although some models combine or paraphrase such steps as observation and analysis into key stages of research in order to investigate observations and systematically answer questions. The concept of the category «scientific method of research in economics» and its meaning are revealed: it helps to confirm or refute economic theories; it provides reliable information for informed decision-making; it ensures that the research is transparent, reproducible and based on data. Key components of the methodology of economic research are identified: the scientific approach, quantitative, qualitative, mixed methods and theories, as well as modern methodological challenges of Economic Research: restrictions on access to reliable, qualitative data; it is difficult to determine whether one variable causes another or whether they simply correlate; it is difficult to determine whether one variable causes another or whether they simply correlate; economic models are built on specific assumptions.