The scientific method refers to the empirical methods used to acquire knowledge and information by deriving predictions, logical development to carry out experiments. It involves conducting careful observation, applying rigorous skepticism to develop cognitive assumptions and useful conclusions. The scientific method is beneficial to economics in many ways. First, it offers an objective and standard way to conduct experiments hence improving outcomes and results. Through it, economists can conduct economic analysis, study data, predict results, examine and explain a particular phenomenon. Additionally, it is a logical approach which enables economist to learn more about the world.