Planet Money: Trust in Economics

Given the buzz in the economics universe about the errors in the well publicized Reinhart-Rogoff debt research (which claimed once a nation’s debt-GDP ratio reaches 90%, that nation’s growth rate diminishes strongly), many folks are asking how much economics research should be trusted.

This is a great Planet Money piece (~15 minutes of audio) including interviews of Thomas Herndon (the graduate student who found the Reinhart-Rogoff errors), Emily Oster, Justin Wolfers, and Mark Thoma on how commonplace errors in economic research are, the challenges of collecting good data, and the impossibility of natural experiments in macroeconomics.

[Extra: Here’s Thoma himself on the same topic.]

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: