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Regarding to this, the core purpose of this paper is to evaluate and understand the philosophical underpinning of different perspectives concerning knowledge and theory. As a matter of fact, there are number of paradigms which have been substituted in order to provide reasoning and conducting inquiry for a respective subject of matter. Careful consideration will be given to paradigms of inquiry including positivism, post positivism, critical theory and constructivism. Furthermore, the paper incorporates a framework outlining ontology, epistemology, methodology and methods along with distinction to all the aforementioned paradigms. This is to form a basis for the development of research protocols insisting understanding of the relationship between government and business impacting economic and public policies in Azerbaijan.&nbsp. Subjective and Objective Perspectives Reality, knowledge and truth have been long debated by those who have tried to discover the meanings and indications within their environment. It is due to this reason that truth and knowledge have been discussed and interpreted by different schools of thought including subjectivism and objectivism. Herein, it is integral to note that objectivism view truth as a scientific figure which can be revisited and measured. Any statement which has been posed in contradiction to measureable results is considered as false according to objectivism perspective of knowledge and truth (MacDonald, 2009). In order to evaluate the subjectivist view of knowledge and truth, it is imperative to discuss truth in distinction to objectivism. As noted above, objectivism views truth to be measureable which is an inappropriate stance for philosophers and investigators who believe that truth and knowledge is subjective. It has also been marked that anything and everything that has concerns or impact over humans have to be studied through the lens of subjectivism. Meaningfulness to the beliefs has determined knowledge and truth about objects and aspects within environment. Subjectivism suspends the presence of factual information which is measurable. Consequently, any statement which is presented in the form of figure is considered as non-social inquiry for subjectivists (MacDonald, 2009). According to the identified distinctions of subjective and objective perspectives of reality, knowledge, truth and theory, the perspective of current research that is to see the influence of the relationship of government and business on public and economic policy of Azerbaijan is subjective. Its subjective perspective is based on the issue which the thesis is relating to that is the assessment of public and economic policy of Azerbaijan in the context of government and business relationships that requires a combination of reflective and critical thinking. In order to assess the aimed question of inquiry, it is important to acquire a subjective perspective of truth, knowledge, reality and theory (MacDonald, 2009). More appropriate reasons and significance of this will be developed in the following headings. Philosophical Orientation The philosophical orientation of the issue of inquiry on the bases of developed ontological and epistemological grounds is found to be identified in the scope of critical theory. Critical theory is the school thought which propose to inquire the society and culture with the perspective of reflective thinking upon it.

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