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Pastimes : Discussion Thread
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To: TimF who wrote (3739)5/18/2010 11:26:12 AM
From: Oeconomicus  Read Replies (1) of 3816
 
Meh. I dismiss his dismissal of econometrics. Empirical research is a very useful thing, regardless of the qualifications one must place on its findings. Empirical tests of theories are like the theories themselves. They are based on models - simplifications - of the real world and as such are subject to questioning based on those simplifications. No one doubts that. But what is a theory if its not empirically testable? Well, it's not theory at all - it is doctrine. Econometrics is a tool for testing theory and so-called "natural experiments" are an often helpful extension. To dismiss either because they do not constitute "proof" is to deny testability and to make economic theory mere belief.
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