The Empirical Revolution in Economics: Taking Stock and Looking Ahead*

The last 40 years have witnessed tremendous developments in empirical work in economics. In a recent paper, Josh Angrist and his coauthors show that the proportion of empirical work published in top journals in economics has moved from around 30% in 1980 to over 50% today. This is a very important and welcome trend. In … Continue reading The Empirical Revolution in Economics: Taking Stock and Looking Ahead*

Machine Learning, Causal Inference, and Normative Judgment

Scholars and judges have long made arguments about laws and regulations and justified their arguments with theories about the effects of these legal rules. What empirical law and economics scholars like to do is to evaluate these claims with data. Now a particularly challenging dimension of studying the effects of rules and regulations is that … Continue reading Machine Learning, Causal Inference, and Normative Judgment