
Lars Peter Hansen on Risk, Ambiguity, and Measurement
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Balancing Data and Theory in Economics
This chapter discusses the significant contributions of Burns and Mitchell's 1946 study on business cycles, emphasizing the need for structured economic analysis beyond raw data. It examines the tension between empirical evidence and economic theory, particularly the constraints of neoclassical models. The conversation also reflects on the skepticism of historical economists regarding the reliability of numerical measurements in capturing the complexities of economic phenomena.
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