The chapter explores the concept of elasticity of supply in relation to a case involving uranium import restrictions, highlighting the impact of demand on domestic prices. It delves into the evolution of statistical analysis, cautioning against theory-free exploration and emphasizing the importance of a solid theoretical framework. The discussion also touches on the gap in practical education across fields like law and business, emphasizing the need for honest and thoughtful data analysis in real-world scenarios.
There's often a gap between the textbook treatment of statistics and the cookbook treatment--how to cook up the numbers when you're in the kitchen of the real world. Jeremy Weber of the University of Pittsburgh and the author of Statistics for Public Policy hopes his book can close that gap. He talks to EconTalk host Russ Roberts about how to use numbers thoughtfully and honestly.