Two Approaches to Reasoning From Evidence or What Econometrics Can Learn From Biomedical Research

Reiss, Julian

Abstract

This paper looks at an appeal to the authority of biomedical research that has recently been used by empirical economists to motivate and justify their methods. I argue that those who make this appeal mistake the nature of biomedical research. Randomised trials, which are said to have revolutionised biomedical research, are a central methodology, but according to only one paradigm. There is another paradigm at work in biomedical research, the inferentialist paradigm, in which randomised trials play no special role. I outline the inferentialist alternative in broad strokes, apply it to a recent controversy in econometrics and draw some general conclusions concerning econometric methodology.

Citation

Reiss, J. (2015). Two Approaches to Reasoning From Evidence or What Econometrics Can Learn From Biomedical Research. Journal of Economic Methodology, 22(3), 373-390. https://doi.org/10.1080/1350178x.2015.1071510

• Journal Article Type: Article
• Acceptance Date: Sep 2, 2014
• Online Publication Date: Sep 23, 2014
• Publication Date: Jul 1, 2015
• Deposit Date: May 16, 2015
• Publicly Available Date: Jan 1, 2017
• Journal: Journal of Economic Methodology
• Print ISSN: 1350-178X
• Electronic ISSN: 1469-9427
• Publisher: Taylor and Francis Group
• Peer Reviewed: Peer Reviewed
• Volume: 22
• Issue: 3
• Pages: 373-390
• DOI: https://doi.org/10.1080/1350178x.2015.1071510
• Keywords: Evidence, Randomised trials, Econometrics, Inference.
• Public URL: https://durham-repository.worktribe.com/output/1428575