Here is an interesting article on the emerging battle between Theory based and Empirically based economics.... Check it out here I love all the DJ references... I originally found this post on metafilter.com
I think this is interesting discussion because it would seem that you would need to have a robust approach to this sort of thing where you hold theory and empirical measurement in high regard. It seems like the lack of moderation on either end is a bad idea. Theory without empirical validation = hand waving, Empirical validation without theoretic basis = overconfidence without causal interpretation. At the end of the day, as long as they can reconcile large scale economic behavior with base human behavior in aggregate I hope we will be on the right track. I think a good addition to this argument would be the article on the original Behavioral Economist, Adam Smith
If Merton is Grand Master Flash, then Adam Smith is Bach.
Tuesday, May 5, 2009
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