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Two approaches to reasoning from evidence or what econometrics can learn from biomedical research

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  • Julian Reiss

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.

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  • Julian Reiss, 2015. "Two approaches to reasoning from evidence or what econometrics can learn from biomedical research," Journal of Economic Methodology, Taylor & Francis Journals, vol. 22(3), pages 373-390, September.
    • Handle: RePEc:taf:jecmet:v:22:y:2015:i:3:p:373-390
    DOI: 10.1080/1350178X.2015.1071510
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