ECON-2006EG Study Guide - Quiz Guide: Scientific Method, Empiricism, Natural Experiment

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As with any other investment, you would like to know how a college education is going to pay you back. Empiricism is the focus of this chapter. The scientific method is the name for the ongoing process that economists and other scientists use to: develop models of the world, test those models with data- evaluating match between the models and the data. All scientific models make predictions that can be checked with data. A model is a simplified description or representation, of the world. Sometimes economists will refer to a model as a theory. Even if a model is based on assumptions that are known to be false, may still help us to make good predictions and good plans to create empirical evidence. Empirical evidence is a set of facts established by observation and measurement. Hypotheses are predictions (typically generated by a model) that can be tested with data. Second, a model makes predictions that can be tested with data.

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