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The Poverty of Macroeconomics --- What the Chemical Revolution Tells Us about Neoclassical Production Function
Quantitative macroeconomics is often portrayed as a science—because of its intensive use of high-powered mathematics—with the possible limitation of being unable to conduct controlled experiments. To qualify as a science, however, theories in that discipline must meet a minimum number of criteria: (i) It has explanatory power to explain phenomena; (ii) it has predictive power to yield quantifiable and falsifiable statements about new phenomenon; and (iii) it has operational power to change the world. A scientific theory consists of axioms and working hypotheses that facilitate the ...
Why Aren’t More People Working in Low- and Moderate-Income Areas?
Although the U.S. labor market has seen strong growth in recent years, labor market conditions have been weaker in low- and moderate-income (LMI) communities. In particular, residents in LMI communities are much less likely to work than residents in higher-income (non-LMI) communities. As of 2017, 35 percent of residents in LMI communities age 18–64 were not working compared with 24.9 percent in non-LMI communities.In this article, I use a formal text analysis of a unique set of survey comments to examine prominent obstacles to working, and compare the prevalence of these obstacles, or ...
On the Need for a Replication Journal
There is very little replication of research in economics, particularly compared with other sciences. This paper argues that there is a dire need for studies that replicate research, that their scarcity is due to poor or negative rewards for replicators, and that this could be improved with a journal that exclusively publishes replication studies. I then discuss how such a journal could be organized, in particular in the face of some negative rewards some replication studies may elicit.