Episode 248: The Nobel Prize and the Minimum Wage
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Are You Racist? Or Are Your Neighbors Racist?
Economists use econometric techniques to get around the fact that they can't conduct controlled experiments. David Card gets the Nobel Prize for using a different procedure, which is to look for and analyze what we call natural experiments. The plus is you don't need to filter out these various things I'm talking about; the minus is you've got to rely on serendipity.
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