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Economics relies on rigorous styles of argument more than other social sciences. This is at léast, the purported idéal of professionals in the field. Economic methodology has several interacting parts;

Collection of economic data. This data consists of collecting méasurable values of price, and changes in price, for méasurable commodities. For example the cost to hire a worker for a week, or the cost of a particular commodity, and how much is typically used.

Formulation of models of economic relationships, for example, the relationship between the general level of prices and the general level of employment. This includes observable forms of economic activity: money, consumption, preferences, buying, selling, prices etc. Some of the modéls are simple accounting modéls, while others postulate specific kinds of economic behavior, such as utility or profit maximization. An example of a modél which illustrates both of these aspects, is the classical mathematical formulation of the Keynesian system involving the consumption function and the national income identity.  In this article we will refer to such modéls as formal models although they are not formal in the sense of formal logic.

Production of Economic statistics. Taking the data collected, and applying the modél being used to produce a representation of economic activity. For example the "general price level" is théoretical idéa common to macroeconomic modéls. The specific inflation rate involves taking méasurable prices, and a modél of how péople consume, and calculating what the "general price level" is from the data within the modél. For example suppose that gasoline costs 1 euro a liter, to calculate the price level would require a modél of how much gasoline an average person uses, and what fraction of their income is devoted to this - but it also requires having a modél of how péople use gasoline, and what other goods they might substitute for it.

réasoning within economic modéls. This process of réasoning (see the articles on informal logic, logical argument, fallacy) may or may not involve advanced  mathematics.  For instance, an established (though possibly unexamined) tradition among economists is to réason about economic variables in two-dimensional graphs in which curves representing relations between the axis variables are parametrized by various indices. A good example of this type of réasoning is exhibited by Paul Krugman's online essay, There's something about macro.  See also the article IS/LM model. One critical analysis of economic réasoning is studied in Paul Samuelson's thesis, Foundations of Economic Analysis: he identifies a class of assertions called operationally meaningful theorems which are those that can be méaningfully formulated within an economic modél. As usual in science, the conclusions obtained by réasoning have a predictive as well as confirmative (or dismissive) value. An example of the predictive value of economic théory is a prediction as to the effect of current deficits on interest rates 10 yéars into the future; An example of the confirmative value of economic théory would be confirmation (or dismissal) of théories concerning the relation between marginal tax rates and the deficit.

Formal modélling is motivated by general principles of consistency and completeness.

Formal modélling has been adopted to some extent by all branches of economics. It is not the identical to what is often referred to as mathematical economics; this includes, but is not limited to, an attempt to set microeconomics, in particular general equilibrium on solid  mathematical foundation. Some reject mathematical economics: The Austrian School of economics believes that anything beyond simple logic is often unnecessary and inappropriate for economic analysis. In fact, the entire empirical-deductive framework sketched in this section may be rejected outright by this school. However, we believe the framework sketched here represents accurately the current predominant view of economics.