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Experimentation, Innovation, and Economics

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  • Michael Kremer

Abstract

The experimental method not only helps identify causal relationships, but also provides economists with a rich sense of context, focuses research on specific practical questions, stimulates collaboration with practitioners and specialists from other fields, and allows for rapid iteration. In this lecture, I present a series of examples illustrating how together these features make the experimental approach a powerful tool for advancing scientific understanding, informing policy, and promoting innovation. I then discuss how institutions can be designed to accelerate innovation and direct it toward the world's most pressing needs.

Suggested Citation

  • Michael Kremer, 2020. "Experimentation, Innovation, and Economics," American Economic Review, American Economic Association, vol. 110(7), pages 1974-1994, July.
    • Handle: RePEc:aea:aecrev:v:110:y:2020:i:7:p:1974-94
    DOI: 10.1257/aer.110.7.1974
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    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • C90 - Mathematical and Quantitative Methods - - Design of Experiments - - - General
    • I10 - Health, Education, and Welfare - - Health - - - General
    • O15 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth

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