Realizing the potential for economics research depends on the successful completion of several interdependent tasks:
•
A problem is identified,
•
Data related to the problem are
collected,
•
Description transforms data into useful information,
•
Theory is brought to bear so that the problem can be understood and analyzed,
•
Explanation involves interaction between data and theory in order to make clear that which needs to be understood,
•
Prescription points to actions which can alter the course of events and deal with the problem.
