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If you talk to any economist that does research for a living, they all will acknowledge that the data used in empirical studies in the field of economics is not
by bsbechtel 11y ago
If you talk to any economist that does research for a living, they all will acknowledge that the data used in empirical studies in the field of economics is notoriously unreliable. Chief among the reasons for this is that it is impossible to collect data on all the different factors that go into a human's decision making process, and also that there is an observer effect (similar to that in physics) that influences data collection in many types of economic studies, especially forward facing ones.
- bandrami 11y agothey all will acknowledge that the data used in empirical studies in the field of economics is notoriously unreliable Then economics absolutely needs to stop being called a "science".
- bsbechtel 11y agoData in other fields is unreliable as well, just less so, and we are constantly coming up with new technologies to improve our capabilities for data collection in the hard sciences. Data collection is just one aspect of science. Should we eliminate the field of theoretical physics because they can't collect data and run experiments to test their theories?