"natural experiments" like this case of the apparent success of fractional reserve banking are not "laboratory tests". There are many other confounding variabl

"natural experiments" like this case of the apparent success of fractional reserve banking are not "laboratory tests". There are many other confounding variables that cannot be eliminated. See this Econtalk podcast on the topic: http://www.econtalk.org/archives/2015/12/noah_smith_on_w.html http://www.econtalk.org/archives/2015/12/noah_smith_on_w.htm...