The path of economics research production: Insights into the seesaw between theory and empirics

João Ricardo Faria, Rajeev Goel and Neela D. Manage

No 2238, Kiel Working Papers from Kiel Institute for the World Economy

Abstract: This paper provides insights into the apparent seesaw between the generation of theoretical versus empirical economics research over time. A dynamic model considers the incentives of researchers to focus on empirical versus theoretical papers. It yields the main characteristics of the path-changing of economics research, from theoretical-intensive to empirical-focused. The model has two equilibria, one with a higher proportion of theoretical papers and another with a higher proportion of empirical papers. Curiously, the equilibrium with greater theoretical papers is stable, while the one with more empirical papers is a saddle point. This suggests that the current trend of increasing empirical research is unlikely to last.

Keywords: economic research; theory; empirics; publications; journals (search for similar items in EconPapers)
JEL-codes: A11 A19 (search for similar items in EconPapers)
Date: 2023
New Economics Papers: this item is included in nep-hpe and nep-sog
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Journal Article: The path of economics research production: Insights into the seesaw between theory and empirics (2024)
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:ifwkwp:2238

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