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Chicago Booth Review Podcast
A Nobel laureate on the limits of evidence-based policy
Jan 17, 2024
The podcast explores the limitations of evidence-based policy, the relationship between economists and policymakers, challenges in interpreting laboratory experiments, communicating confidence in economic findings, pricing carbon, and the potential of machine learning in economic analysis.
38:32
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Quick takeaways
- Evidence-based policymaking requires a conceptual framework to accurately interpret data and should not be solely reliant on evidence.
- Economists should focus on helping policymakers improve their thinking processes rather than telling them what to think.
Deep dives
Importance of evidence-based policy-making
The podcast discusses the concept of evidence-based policy-making and highlights the importance of using data to inform decision-making. It emphasizes that evidence alone is not sufficient and requires a conceptual framework to interpret it accurately. The podcast suggests that policymakers should be open about the limitations of models and be cautious about solely relying on evidence without considering the underlying frameworks.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode