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by smokeyj 5512 days ago
In a way, most economists are armchair observers. Economists don't have "practice" economies in which theories are testable -- we ARE the test dummies. It's unfortunate they run the same experiment over and over: http://en.wikipedia.org/wiki/Hyperinflation
1 comments
orijing 5512 days ago
That's a misconception. Real economics (stuff beyond the Macroeconomics 101 you took) is about data as much as any of the other hard sciences. Take a look at http://d2o7bfz2il9cb7.cloudfront.net/main-qimg-7395f945e270f...

Economics PhD applicants score almost as high in the quantitative component of the GRE as their counterparts in mathematics and physics. That's because math and statistics are crucial to modern economics.

That's why there's a whole field of statistics named after economics: http://en.wikipedia.org/wiki/Econometrics

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smokeyj 5512 days ago
You missed my point. I'm arguing theorizing around statistical data is only half the battle to the scientific equation. The other part is putting those theories to the test and quantifying the results in meaningful way over time. Again and again. Without the again-and-again part, you only have theoretical knowledge. Theoretical knowledge is not a "hard science". Involving data does not make a hard science. Applying heuristics to the data does not make it a science. A computerized model does not make something science. The weather-man uses science when developing a forecast. The forecast is not a hard science.

Take minimum wage for example. This is a theory with supporters in both camps - some for, some against. Well, how can we ever measure if a minimum wage is having a positive influence? How can we continue in support of a theory with no supporting evidence? Pile on 500 more concurrent theories, and you have a cluster-fuck only Krugman could defend.

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ignifero 5512 days ago
Sadly there's a lot more to economics than econometrics, or else banks would be run by bots.
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