Ellen Dannin says: > This is a question by a noneconomist for you economists. When we read > the results of "studies" on things like the impact of the minimum wage > what are these studies based on? Are some merely based on theoretical > models without real-world or empirical testing? Not being and economist myself, I take the liberty to reply anyway (some of you have seen a similar tirade from me earlier. Forgive me). :-) IMO this is a really important question! Economics is neccessarily a very inexact science, due to the extreme complexity of the systems it tries to describe, as opposed to mathematics and also "hard" natural sciences like physics, electronics, mechanics, construction etc. Such systems are easier to model and predict. Furthermore, physicists, electronics engineers and their likes can try out alternative theories through experiments, in the laboratory. Now, the science of economics, which due to its large degree of "inexactness" _really_ ought to depend heavily upon experiments, are not _allowed_ to experiment! Only one economic "laboratory set-up" is allowed these days: all-out market liberalism. >From the above it is not surprising that economics doesn't progress very much, and has characteristics similar to religion: Different creeds being unable to resolve fundamental discrepancies. Trond ------------------------------------------------- | Trond Andresen ([EMAIL PROTECTED]) | | lecturer | | Department of Engineering Cybernetics | | The Norwegian Institute of Technology | | N-7034 Trondheim, NORWAY | | | | phone (work) +47 73 59 43 58 | | fax (work) +47 73 59 43 99 | | private phone +47 73 53 08 23 | | | | http://www.itk.unit.no/ansatte/Andresen,Trond | -------------------------------------------------
