April 2013 Archives

From the Deseret News today, April 30, 2013

In my last article, I talked about economics as a science and focused on the role of statistical analysis in evaluating natural experiments. This time I want to talk about economic theory.

The scientific method requires hypothesis testing. Experiments test hypotheses and ultimately prove them right or wrong. Based on this acceptance or rejection of a hypothesis, scientists go back to their original theories and revise them as needed. This is the gist of the scientific method.

From the latest Deseret News article:

Economics is often called a social science. But is it really a science? Science considers data from the real world in order to ascertain truth. But analysis of data alone is not enough. The way the data are analyzed is very important. It needs to be considered in an objective way with a critical eye. This is not always easy to do.

Authors

  • Richard W. Evans is an Assistant Professor of Economics at Brigham Young University

  • Jason DeBacker is an Assistant Professor of Economics at Middle Tennessee State University

  • Kerk L. Phillips is an Associate Professor of Economics at Brigham Young University