The Importance of Replication in the Scientific Method

Alan Summers: I've heard economists who somewhat look down on Thomas soul for not they claim not making any original contributions to the field of economics. So let me, let me start by asking you this question. Is there any hard evidence that all the so called original ideas which economists when Nobel prizes for have contributed to advancing humanity in any way? He says less than 5% of findings published in leading business school journals have been replicated. The fact that only 5% of the edifices of reason that we purport to be teaching our students only 5% has been replicated should make us stop and really think hard about what we're doing he adds.

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