Conclusions: making economics more scientific is possible

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Chapter 7 in On the Inaccuracies of Economic Observations, 2024, pp 184-187 from Edward Elgar Publishing

Abstract: Despite advancements, data reliability remains a challenge, necessitating a minimum acknowledgement of 5-10 per cent measurement error. The proposed classification scale (Table 7.1) emphasizes the enduring nature of these inaccuracies. The implications extend to theory, applied research and policymaking, stressing the crucial need for recognizing and addressing data unreliability. The proposed strategy advocates heightened transparency, standardized reporting formats, accessible change logs and incorporating ex ante error prognoses. On a positive note, it is certainly possible to transform economics into a more scientific discipline by instilling awareness of measurement errors in education and data production, and by introducing working procedures to assess and report measurement error actively.

Keywords: Economics and Finance; Research Methods (search for similar items in EconPapers)
Date: 2024
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