if we want economics to be a science, we have to recognize that it is not ok for macroeconomists to hole up in separate camps, one that supports its version of the geocentric model of the solar system and another that supports the heliocentric model. As scientists, we have to hold ourselves to a standard that requires us to reach a consensus about which model is right, and then to move on to other questions.
The alternative to science is academic politics, where persistent disagreement is encouraged as a way to create distinctive sub-group identities.
--Paul Romer, NYU, "My Paper “Mathiness in the Theory of Economic Growth”
if we want economics to be a science
I've been wondering lately whether it is possible for economics to get a more empirical foundation. Clearly, a serious difficulty in the field is our lack of having a way for doing controlled trials. Does anyone know if anyone has tried bribing people to live in small-towns/enclaves (one to serve as control) for a time to see if we can isolate some effects at small levels that may or may not scale up? Or is this just too ridiculously impractical? (Or just too expensive?)
Another month, another rationality quotes thread. The rules are: