Can Econometric Models Fulfill the Role of an Economic Laboratory?

08/11/2025 Frank Shostak

Mainstream economists claim that they can use econometric models to emulate human action and, thus, create an economic laboratory. These models, however, cannot tell us about cause-and-effect, which is vital to understanding praxeology and economic behavior.

Original article: https://mises.org/mises-wire/can-econometric-models-fulfill-role-economic-laboratory

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