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There are fields in economics (e.g., behavioral) that attempts to produce insights and theories through repeatable, controlled experiments. The assumption that
by jljljl 13y ago
There are fields in economics (e.g., behavioral) that attempts to produce insights and theories through repeatable, controlled experiments. The assumption that no scientific testing or experimentation happens in econ is overgeneralizing.
I actually don't think repeatable experiments is a necessary characteristic of science. I would argue that science is more about generating falsifiable hypotheses that can be tested through some method, whether through repeatable experimentation or through observation (what you call detective work).
- deleted 13y ago[deleted]
- jljljl 13y ago>> Unless you consider running regressions on historical data falsification? You can make predictions about how policies or exogenous shocks will effect demand/supply/GDP, and then see how things play out in the real world. For example: People can claim that quantitative easing will lead to heightened inflation in X years. This claim can then be observed, tested, and falsified.
- nathan_long 13y agoGood point. But: >> People can claim that quantitative easing will lead to heightened inflation in X years. This claim can then be observed, tested, and falsified. ...which is useful if you can create models that repeatedly make correct predictions.