7

To (slightly) paraphrase the OP: Economies (Human Bodies) are extremely complex systems with many variables, not to mention the fact that they emerge from the interactions of complex beings (factors). I agree that economies (human bodies) have certain underlying principles, but I remain skeptical of the overall value of econometrics (medicine) as ...


6

The journal Management Science is a decent one. Many economists do publish on that journal. In fact, a quick look at its editorial board reveals many notable names, with the recent Nobel laureate in Economics Richard Thaler among the associate editors. The field of management science is more interdisciplinary in nature. See Wikipedia's entry for it. To me, ...


5

Hal Varian's "How to Build an Economic Model in Your Spare Time" has some excellent advice on this topic. The best advice echoes what FooBar has alrady said. Start with the simplest possible model: two agents, two actions, two periods. Not only does this help to keep the model clean, it also helps you to understand the most fundamental aspects of the ...


5

Always use smaller models when you can. Typically, you want to show that surprisingly/interestingly, if we combine A,B in a model, there is an interaction that explains C. Have the smallest model that you need to make your point (that contains A,B). Additional features are irrelevant to make your point and will only distract you and your audience. There ...


4

The first thing to say about this question is that it is important to look in the right places for good econometric predictions. Physicists cannot reliably predict a wide-variety of quantum phenomena. Does this represent a failure of physics? No. Quite the contrary, we know (thanks to the work of a series of high profile physicists) that such phenomena are ...


4

The standard reading on the methodology and the role of explanation in economics is Daniel Hausman's work. Hausman, Daniel M. The inexact and separate science of economics. Cambridge University Press, 1992. Nancy Cartwright has some work on the interpretation of causation in the social sciences. Cartwright, Nancy. Hunting causes and using them: approaches ...


4

Beyond Michel De Vroey's book, I know of no other book on the history of macroeconomics, as it is praised by macroeconomists. See for example this review. De Vroey has a true vision of macroeconomics, he shares it with his reader and gives clear guidelines to understand the developments in the field. Anyway, you will find below some nice references that ...


3

To the extent that economics and business are related fields, "Management Science" is related to economics as well. Many economists serve as part of business school faculties and vice-versa. So these two fields are very closely related, but not completely identical. I wouldn't call it a completely seperate science and the distinction is much less stark than ...


3

Although I disagree with von Mises, he was reacting to what he saw as a very real problem, which was the use of relatively primitive statistical methods to describe behavior. In fact, Leonard Jimmie Savage's work on probability and statistics should have been sufficient to meet his objections, although the computational speed would not have yet existed for ...


3

Econometrics is nothing more than a fancy name for statistics. Namely, how do we apply statistics and economic theory together to get a clearer picture of reality? Is statistics scientific? It can be when used properly. Statistics is merely a tool of science, in exactly the same way that econometrics is a tool of general economics. It is a tool that can be ...


3

@Alecos has already mentioned one of the two points I wanted to make, here is my extension. Econometrics has no value per se, it always comes from the data we use it on. In microeconomics, with many studies that are natural experiments, quasi-experiments or where we are somewhat sure that we are not capturing endogeneity, we could estimate many interesting ...


2

Economists often do something similar to what your physics teacher taught. One of my graduate econometrics teachers taught us to begin our empirical investigations by asking what the ideal experiment to test them would be. And a quick web search confirmed this is a widespread sentiment: Esther Duflo, PhD ’99, a prominent antipoverty researcher at MIT whom ...


2

Jonathan Haidt has used a five axis model to characterize groups by their use of 5 sets of moral intuitions. Harm/care, Fairness/reciprocity, Ingroup/loyalty, Authority/ respect, and Purity/sanctity. Across 4 studies using multiple methods, liberals consistently showed greater endorsement and use of the Harm/care and Fairness/reciprocity ...


2

Mathematics has axioms. The study of Logic, as a formal subject in itself, has axioms. Empirical sciences do not have axioms. The physical sciences don't have axioms. Pretending economics was an a priori science was an act of intellectual dishonesty, in order to provide a pseudo-intellectual basis for the counter-empirical work of the Austrians.


2

You can always keep in mind the motto of Paul Krugman for his modelling style which is "KISS" (keep it simple and stupid). It is also the recommendation of Hal Varian as mentionned by Ubiquitous. You can start by a simple model and work on it in order to understand the mechanism in your simple model after that you could add some other stuff on it according ...


1

I would say there is some degree of correspondence between the two dichotomies. However, in the economic side of things, there is in my opinion a much clearer relation between positive and normative economics (at least in the theoretical side), as it is through the use of positive economics that normative means are supposed to be achieved. The other ...


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