Saturday, August 28, 2010

A Big Research Project

The New York Times has a nice article about two economists who have researched about 800 years of economic crises and collapses. Yes, that is not a typo, 800 years. The article also talks about the importance of looking at historical data as opposed to only looking at theory and mathematical modeling. This is similar to my approach to empirical sports economic research, and is not the typical viewpoint. At least I am not the only one who thinks this way.

That is not to say that theory and mathematical modeling is not important. They are, but it is nice to see this attitude among more well-known economists. Maybe the pendulum will swing slightly closer to this direction in the future.

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