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Is empiricism necessary to build a solid economic model?

  • Yes, empiricism is important Empiricism is important in anything.

    It is the way that we get unbiased data for our models. The only way to make sure we can develop an economic model that actually works is with empirical data. How in the world are we supposed to make a model that works without that data? That seems crazy.

  • Yes, empiricism is important

    Empiricism is important in anything. It is the way that we get unbiased data for our models. The only way to make sure we can develop an economic model that actually works is with empirical data. How in the world are we supposed to make a model that works without that data? That seems crazy.

  • Yes, empiricism is necessary to build a solid economic model.

    So much of current political decision are based upon armchair opinions and research. A bit of actual scientific evidence or corresponding research may help in the construction of a solid economic model. The economic model has been touted as being a theoretical construct of the most brilliant minds in the country, however it does not need to stay within the philosophical and theoretical realm of politics.

  • No empiricism is not needed

    Empiricism is not needed to build a strong economy. Of course, having experienced certain things could be useful in certain cases, but not most. A economy is a very delicate balance, it must be based on what it was founded on, which is money, numbers, facts, and statistics. Experience only brings bias toward doing one thing or another based on what a certain person has done or gone through. It is not based on common sense and numbers, which is what the economy needs.

  • It is not needed

    Empiricism is not needed in order to maintain and build a strong economy, even though it may be useful at times, to be knowledgeable in certain areas, but not necessarily all of them. When you have a person who is very experienced in something, they tend to have their own biases and skewed viewpoints.


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