The Power of Regression to Produce a Better Comparison

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There may be reasons why you'd like to come to MIT besides the earnings advantage. The difference between Penn and Penn State is not apparent in the data, he says. "It shows the power of regression to produce a better, a more well controlled comparison"

Joshua Angrist of the Massachusetts Institute of Technology talks to EconTalk host Russ Roberts about the craft of econometrics--how to use economic thinking and statistical methods to make sense of data and uncover causation. Angrist argues that improvements in research design along with various econometric techniques have improved the credibility of measurement in a complex world. Roberts pushes back and the conversation concludes with a discussion of how to assess the reliability of findings in controversial public policy areas.