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Economics is not statistics (and vice versa)

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  • Leeson, Peter T.

Abstract

Economic analysis is a theoretical approach, not an empirical one. It is a way of thinking, not a way of testing. An analysis that has an empirical component can be economic without being quantitative: economics is not statistics. An atheoretical analysis can never be economic, no matter how impressive its regressions: statistics is not economics.

Suggested Citation

  • Leeson, Peter T., 2020. "Economics is not statistics (and vice versa)," Journal of Institutional Economics, Cambridge University Press, vol. 16(4), pages 423-425, August.
    • Handle: RePEc:cup:jinsec:v:16:y:2020:i:4:p:423-425_2
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    Cited by:

    1. Bergh, Andreas & Wichardt, Phillipp C., 2024. "On Credibility and Causality in Economics: A Critical Appraisal," Working Paper Series 1504, Research Institute of Industrial Economics.
    2. Louis Rouanet, 2022. "Competition is (still) a tough weed: A review essay of Thomas Philippon’s The great reversal: How America gave up on free markets," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 35(1), pages 115-128, March.
    3. Murphy, Ryan H., 2020. "Economics is whatever the comparative advantage of economists is: a comment on Leeson (2020)," Journal of Institutional Economics, Cambridge University Press, vol. 16(4), pages 553-556, August.
    4. Jordan Adamson & Lucas Rentschler, 2023. "Criminal justice from a public choice perspective: an introduction to the special issue," Public Choice, Springer, vol. 196(3), pages 223-227, September.
    5. Edward Peter Stringham, 2023. "Banking regulation got you down? The rise of fintech and cryptointermediation in Africa," Public Choice, Springer, vol. 197(3), pages 455-470, December.
    6. Daniel J. Smith, 2023. "Austrian economics as a relevant research program," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 36(4), pages 501-514, December.
    7. Andreas Bergh & Philipp C. Wichardt & Philipp Christoph Wichardt, 2024. "On Credibility and Causality in Economics: A Critical Appraisal," CESifo Working Paper Series 11224, CESifo.
    8. Gabriel J. Zanotti & Agustina Borella & Nicolás Cachanosky, 2023. "Hermeneutics and phenomenology in the social sciences: Lessons from the Austrian school of economics case," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 36(3), pages 403-415, September.
    9. Louis Rouanet, 0. "Competition is (still) a tough weed: A review essay of Thomas Philippon’s The great reversal: How America gave up on free markets," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 0, pages 1-14.

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