Theoretical particle physicists wait anxiously to see whether experimentalists will be able to identify the particles their theories postulate. The image of an economic theorist nervously awaiting the result of a decisive econometric test does not ring true. The negligible impact of formal econometric work on the development of economic science is manifest in a number of ways …
In the natural sciences, investigators rush to check out the validity of claims made by rival laboratories and then to build on them. Such efforts are very rare in economics. I find it implausible that this is a consequence of the accuracy and robustness of the conclusions of econometric studies. Instead, the absence of replication attempts for most empirical work are a consequence of the fact that the results are rarely an important input to theory creation or the evolution of professional opinion more generally.
Saturday, 14 November 2015
Empirical macroeconomics — a scientific illusion 3 November, 2015 at 12:53 | Posted in Economics | Lars Sybll/ Blogger Ref http://www.p2pfoundation.net/Transfinancial_Economics