data driven economics

[F. George McDuffee]

While not directly metal or cnc related, there has been
considerable recent discussion about basic socioeconomic
policy such as minimum wage. If you are interested in these
important topics, and want more information than bumper
stickers or sound bites, the following academic paper shows
how data analysis is displacing philosophical theorizing.
The 26 page paper is in pdf format and you will require a
pdf viewer to open. It should download automatically.

http://www.valuewalk.com/2015/06/the-empirical-economists-toolkit-from-models-to-methods/
<snip>
Abstract:

While historians of economics have noted the transition
toward empirical work in economics since the 1970s, less
understood is the shift toward "quasi-experimental" methods
in applied microeconomics. Angrist and Pischke (2010)
trumpet the wide application of these methods as a
"credibility revolution" in econometrics that has finally
provided persuasive answers to a diverse set of questions.
Particularly influential in the applied areas of labor,
education, public, and health economics, the methods shape
the knowledge produced by economists and the expertise they
possess. ...
</snip>

enjoy

[Rudy Canoza]

Post by F. George McDuffee
While not directly metal or cnc related, there has been
considerable recent discussion about basic socioeconomic
policy such as minimum wage. If you are interested in these
important topics, and want more information than bumper
stickers or sound bites, the following academic paper shows
how data analysis is displacing philosophical theorizing.
The 26 page paper is in pdf format and you will require a
pdf viewer to open. It should download automatically.
http://www.valuewalk.com/2015/06/the-empirical-economists-toolkit-from-models-to-methods/
<snip>

From the site:

In 2010, the Journal of Economic Perspectives hosted a symposium
revisiting Edward E. Leamer's provocative 1983 article, "Let's Take
the Con out of Econometrics." Taking aim at existing econometric
practice, Leamer had posited that econometricians project on
themselves the false image of a "white coat" experimental scientist.


Ed Leamer was one of my professors at UCLA. He's kind of a jerk, but
there's no doubt that he's damned smart.