the baseline predictions are the directional responses of price and quantity in response to changes in supply or demand, and they're so consistently met that it's almost trivial to list them sadly this means most of the attention goes to weird edge cases like potatoes in famines
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wait so is empirical economics good or bad
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mostly bad methods and data are still not really up to snuff for what we ask of them so you get people running experiments in controversial areas and woh shocking the results are murky (because our tools suck) and we don't learn anything but people at least get funding for v2
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so if you can't trust your data how can you trust your theory
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This is a good and reasonable question! I could give you a boring laundry list but I want to craft a story instead. I will do this after I pay attention to my pregnant wife who wants attention, back in a bit.
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Replying to @eigenrobot @halvorz and
the theory doesn't really come from the kind of data or analysis empirical econ does
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Replying to @AlexGodofsky @eigenrobot and
but does it come from data at all
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Replying to @halvorz @eigenrobot and
yes but many important propositions were clearly established prior to *statistical* data and analysis really being a thing
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Replying to @AlexGodofsky @halvorz and
but modern practitioners at, for examples, firms setting prices can trivially establish these propositions
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Replying to @AlexGodofsky @eigenrobot and
the data is so obvious it's trivial, nobody would ever actually be so crass as to *demonstrate* our theories work with published data v convenient, v convenient
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I've lost interest in this good luck
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