2min chapter

Planet Money cover image

The town that changed economics

Planet Money

CHAPTER

The Flap of a Butterfly's Wings

In economics in the early 90s, there have been a few studies based on randomized trials. But it wasn't really how things were done. Instead of running experiments, economists mostly use data that already existed and used statistics to analyze that data. Back then, it was an open secret that econometrics was pretty flawed. There's actually a famous paper about it. In medicine, it's one of the best ways we have of understanding whether an intervention works.

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