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The past half‐century has seen economic research become increasingly empirical, while the nature of empirical economic research has also changed. In the 1960s and 1970s, an empirical economist's typical mission was to "explain" economic variables like wages or GDP growth. Applied econometrics...
Persistent link: https://www.econbiz.de/10012963836
This essay reviews progress in empirical economics since Leamer's (1983) critique. Leamer highlighted the benefits of sensitivity analysis, a procedure in which researchers show how their results change with changes in specification or functional form. Sensitivity analysis has had a salutary but...
Persistent link: https://www.econbiz.de/10013146843
Just over a quarter century ago, Edward Leamer (1983) reflected on the state of empirical work in economics. He urged empirical researchers to “take the con out of econometrics” and memorably observed (p. 37): “Hardly anyone takes data analysis seriously. Or perhaps more accurately, hardly...
Persistent link: https://www.econbiz.de/10013141116