The Importance of Causality in Economics

There's a tremendous amount of knowledge out there that didn't come up by it through RCTs. Do you think that's because nobody wants to expose themselves as a fool? Yes, exactly. There's certainly some causal knowledge that has come from RCTs, but it's certainly not the only way of getting there. And often it's not as good as it seems. I thought I might just ask you one question about causality in economics and whether observations made in the absence of the so-called gold standard of evidence are just illusions.