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Economics is not statistics (and vice versa)

Published online by Cambridge University Press:  14 February 2020

Peter T. Leeson*
Affiliation:
Department of Economics, George Mason University, Fairfax, USA
*
Corresponding author. Email: pleeson@gmu.edu

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.

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Copyright
Copyright © Millennium Economics Ltd 2020

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