Economics is more an exercise in philosophy than science

“1. Economic phenomena are rife with causal density. Theories make predictions assuming “other things equal,” but other things are never equal. 2. When I was a student, the solution was thought to be multiple regression analysis. You entered a bunch of variables into an estimated equation, and in doi…” via IFTTT from http://amzn.com/k/5JbXPNWVT26bWL05cn5NSw

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