The process of using systematic series of steps rationally on the basis of mathematical procedure and given statements to derive a conclusion is Logical Reasoning.
Logical Reasoning is one of the core foundation for an economics and a business administration student. Combining two forms of logical reasoning together with three types of results distinguish in logical reasoning. They are as follows:
- Deductive Reasoning:
Referred to as top-down logic, deductive reasoning is a logical process in which a conclusion depends on the concordance of multiple premises that are usually assumed to be true.
If a precondition or a premise is given with a logical consequence and a material condition or a rule that implies the conclusion given the precondition, one will be able to explain that deductive reasoning defines whether the truth of a conclusion can be determined for that rule. This is completely based on the truth of the premises.
For example, when it starts raining, things get wet outside. The grass is outside, hence when it rains, the grass gets wet. Mathematical logic along with philosophical logic are commonly associated with this type of reasoning.
- Inductive Reasoning:
Inductive Reasoning is Deductive Reasoning’s counterpart, and is sometimes reffered to as bottom-up logic. Inductive Reasoning comes from a specific case and deriving a general rule. The observations are drawn from interferences to make generalizations. Hence, it recognizes that the conclusions may not be certain.
For example, the grass got wet many times when it rained, therefore the grass always gets wet when it rains.
These arguments are convincing. However, they are not deductively valid. One of the type of these reasoning is science.
- Abductive Reasoning:
This type of reasoning is an implication to the best explanation as it selects a logical set of preconditions. When a true conclusion and a rule is given, it tries to select some possible premises that if true, it can support the conclusion (though not uniquely).
Taking the same example forward, when it rains, the grass gets wet. Now looking at it the other way that the grass is wet, therefore it might have rained.
Abductive Reasoning can be used to develop hypothesis, which can later be tested by additional data or reasoning. Detectives, diagnosticians, scientists frequently use this type of reasoning.
Logical reasoning is one of the main chapters in a scientists’ book. Logical reasoning is a must for students who aspire to be scientists one day.
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