Can Econometric Models Fulfill the Role of an Economic Laboratory?
Mainstream economists claim that they can use econometric models to emulate human action and, thus, create an economic laboratory. These models, however, cannot tell us about cause-and-effect, which is vital to understanding praxeology and economic behavior.
Original article: https://mises.org/mises-wire/can-econometric-models-fulfill-role-economic-laboratory
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