Because apparently many people don't believe economics is a science. Raj Chetty defends the field in the face of disagreement here in the NYT. First of all, economics is a social science. Secondly, as with most scientific research, testing theory through hypotheses and empirical analysis makes the field scientifically and policy relevant. Thus, the macroeconomists are maybe a little jealous of the development economists' RCTs:
As is the case with epidemiologists, the fundamental challenge faced by economists — and a root cause of many disagreements in the field — is our limited ability to run experiments. If we could randomize policy decisions and then observe what happens to the economy and people’s lives, we would be able to get a precise understanding of how the economy works and how to improve policy. But the practical and ethical costs of such experiments preclude this sort of approach. (Surely we don’t want to create more financial crises just to understand how they work.)
Hat tip: COCO (a real scientist)
As is the case with epidemiologists, the fundamental challenge faced by economists — and a root cause of many disagreements in the field — is our limited ability to run experiments. If we could randomize policy decisions and then observe what happens to the economy and people’s lives, we would be able to get a precise understanding of how the economy works and how to improve policy. But the practical and ethical costs of such experiments preclude this sort of approach. (Surely we don’t want to create more financial crises just to understand how they work.)
Hat tip: COCO (a real scientist)
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