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Evidence-based economics: issues and some preliminary answers

Reiss, Julian (2004) Evidence-based economics: issues and some preliminary answers. Analyse and Kritik: Zeitschrift fur Sozialtheorie, 26 (2). pp. 346-363. ISSN 0171-5860

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This paper presents an outline of a methodology of ‘evidence-based economics’. The question whether an economic statement is evidence-based must be answered on three different levels. The first level concerns measurement: it asks whether claims made about economic quantities such as inflation, unemployment, growth or poverty are justified by the data and measurement procedures. The second level concerns induction: it asks whether claims made about the relations between economic quantities (such as ‘number of babies born predicts growth’, ‘change in money causes change in monetary income’, ‘non-borrowed reserves can be used to control the interest rate’), are justified by the inference procedures. The third level concerns idealisation: it asks whether the quantities and relations selected are justified by the stated aim of the inquiry. The paper provides a discussion of these three types of investigation and of some solutions that have been offered.

Item Type: Article
Official URL:
Additional Information: © 2004 Lucius & Lucius
Divisions: CPNSS
Subjects: H Social Sciences > HB Economic Theory
Date Deposited: 02 Jun 2011 15:16
Last Modified: 16 May 2024 00:16

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