The significance of research can also be understood keeping in view the following points:
a) To those students who are to write a master’s or Ph.D. thesis, research may mean careerism or a way to attain a high position in the social structure;
b) To professionals in research methodology, research may mean a source of livelihood;
c) To philosophers and thinkers, research may mean the outlet for new ideas and insights;
d) To literary men and women, research may mean the development of new styles and creative work;
e) To analysts and intellectuals, research may mean the generalizations of new theories.
Thus, research is the fountain of knowledge for the sake of knowledge and an important source of providing guidelines for solving different business, governmental and social problems. It is a sort of formal training, which enables one to understand the new developments in one’s field in a better way.
“All progress is born of inquiry. Doubt is often better than overconfidence, for it leads to inquiry, and inquiry leads to invention” is a famous Hudson Maxim in context of which the significance of research can well be understood. Increased amounts of research make progress possible. Research inculcates scientific and inductive thinking and it promotes the development of logical habits of thinking and organization. The role of research in several fields of applied economics, whether related to business or to the economy as a whole, has greatly increased in modern times. The increasingly complex nature of business and government has focused attention on the use of research in solving operational problems. Research, as an aid to economic policy, has gained added importance, both for government and business. Research provides the basis for nearly all government policies in our economic system. For instance, government’s budgets rest in part on an analysis of the needs and desires of the people and on the availability of revenues to meet these needs. The cost of needs has to be equated to probable revenues and this is a field where research is most needed. Through research we can devise alternative policies and can as well examine the consequences of each of these alternatives.