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Monday, June 26, 2017

An Empirical Turn in Economics Research

From the AEA research highlights:

An empirical turn in economics research: Over the past few decades, economists have increasingly been cited in the press and sought by Congress to give testimony on the issues of the day. This could be due in part to the increasingly empirical nature of economics research.
Aided by internet connections that allow datasets to be assembled from disparate sources and cheap computing power to crunch the numbers, economists are more and more often turning to real-world data to complement and test theoretical models.
This trend was documented in a 2013 article from the Journal of Economic Literature...
In the spirit of empirical inquiry, the authors of a study appearing in the May issue of the American Economic Review: Papers & Proceedings used machine learning techniques to expand this analysis to a much larger set of 135,000 papers published across 80 academic journals cited frequently in the American Economic Review. ...
The ... prevalence of empirical work as determined by the authors’ model has been rising across fields since 1980. The authors note that the empirical turn is not a result of certain more empirical fields overtaking other more theoretical ones, but instead every field becoming more empirically-minded.

    Posted by on Monday, June 26, 2017 at 10:15 AM in Econometrics, Economics | Permalink  Comments (37)


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