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Conclusions: making economics more scientific is possible

In: On the Inaccuracies of Economic Observations

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Abstract

Despite advancements, data reliability remains a challenge, necessitating a minimum acknowledgement of 5-10 per cent measurement error. The proposed classification scale (Table 7.1) emphasizes the enduring nature of these inaccuracies. The implications extend to theory, applied research and policymaking, stressing the crucial need for recognizing and addressing data unreliability. The proposed strategy advocates heightened transparency, standardized reporting formats, accessible change logs and incorporating ex ante error prognoses. On a positive note, it is certainly possible to transform economics into a more scientific discipline by instilling awareness of measurement errors in education and data production, and by introducing working procedures to assess and report measurement error actively.

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  • ., 2024. "Conclusions: making economics more scientific is possible," Chapters, in: On the Inaccuracies of Economic Observations, chapter 7, pages 184-187, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:21303_7
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    File URL: https://www.elgaronline.com/doi/10.4337/9781802207859.00013
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    Keywords

    Economics and Finance; Research Methods;

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