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Economics is not statistics (and vice versa)

Peter Leeson ()

Journal of Institutional Economics, 2020, vol. 16, issue 4, 423-425

Abstract: Economic analysis is a theoretical approach, not an empirical one. It is a way of thinking, not a way of testing. An analysis that has an empirical component can be economic without being quantitative: economics is not statistics. An atheoretical analysis can never be economic, no matter how impressive its regressions: statistics is not economics.

Date: 2020
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Handle: RePEc:cup:jinsec:v:16:y:2020:i:4:p:423-425_2