What are the key steps to developing an effective economic research question?

2 Review the literature

The next step is to review the existing literature on your topic to see what has been done before, what gaps remain, and what controversies or debates exist. You can use online databases, journals, books, or working papers to find relevant sources. The literature review will help you narrow down your topic, identify key concepts and theories, and formulate your research question.

3 Craft your research question

The third step is to craft your research question based on the literature review and your own interests. A good research question is clear, concise, and focused. It should not be too broad or too narrow, too simple or too complex, too descriptive or too normative. It should also be answerable with empirical evidence and economic tools. You can use the PICO framework to structure your research question. PICO stands for Population, Intervention, Comparison, and Outcome. For example, a PICO research question could be: How does a minimum wage increase affect the employment and income of low-skilled workers in the US?

4 Evaluate your research question

The fourth step is to evaluate your research question to see if it meets the criteria of a good research question. You can use the FINER framework to assess your research question. FINER stands for Feasible, Interesting, Novel, Ethical, and Relevant. For example, a FINER research question should be feasible in terms of data availability, time, and resources; interesting to you and your audience; novel in terms of adding new knowledge or perspective; ethical in terms of respecting human rights and avoiding harm; and relevant to your field of economics and the society.

5 Refine your research question

The final step is to refine your research question based on the feedback from your peers, mentors, or supervisors. You can also test your research question by conducting a preliminary analysis or a pilot study to see if it yields meaningful and valid results. You may need to revise your research question several times until you are satisfied with it. A refined research question will help you design and conduct your economic research more effectively and efficiently.