Scientific method how does it relate to theoretical economic

Question

What is the scientific method and how does it relate to theoretical economics?  What is the difference between a hypothesis and an economic law or principle?

Answer 1

The scientific method is the technique used by economists to determine economic laws or principles.  These laws or principles are formulated to explain and/or predict behavior of individuals or institutions.

A hypothesis is a “guessimate” as to the possible cause-and effect relationships between and among the facts. An economic law or principle is formulated after the hypothesis has been tested for validity.