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That's not empirical study, it's statistical analysis of historical data. Which is useful, certainly, but it shouldn't be treated as the same level of certainty
by nightpool 4y ago
That's not empirical study, it's statistical analysis of historical data. Which is useful, certainly, but it shouldn't be treated as the same level of certainty as empirical study and it shouldn't be confused for it. The article makes the distinction between the two very, very clear.
Economics loves to play fast and loose with the definition of "empirical" tests, but almost none of the main theories of economics are empirically testable—because we simply cannot create new, controlled economies and run preregistered experiments against them. Instead, we have to make do with the data we have, and we can't generate more, and we have to deal with the amount of uncertainty that the analysis of existing data brings with it.
- ivalm 4y agoIm not here to defend economists, but the historian argument is that because they can’t verify if their arguments holds water robustly they instead don’t verify at all. If everything is so subjective as to be unverifiable then why should we care about history at all? I think in reality history is much more tied to present and many claims can be verified to some degree (of not absolute) certainty.