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Does anyone have a response to this position with respect to modern economics? Specifically, when economists test their models, what are the control groups that
by wwwtyro 14y ago
Does anyone have a response to this position with respect to modern economics? Specifically, when economists test their models, what are the control groups that they use?
- ovi256 14y agoNone, because economists aren't big on testing, AFAIK, and empirical methods beyond meta-studies. It's still a very soft science, correct me if I'm wrong. Joke was that an economist that tests his hypothesis is a trader. Econometrics and psycho-economics have just overturned the rational actor model that was the mainframe of classical economics. Maybe they'll add more empirical methods as well.