February 01, 2016

The Experimental Turn in Economics

In this Mint article, IDFC Institute Fellow, Vivek Dehejia asks us to be wary of seeing randomized control trials (RCTs) as a revolutionary breakthrough in the world of economics and public policy. 

 

He describes how "RCTs have ventured beyond their traditional domain, development economics, and other areas of applied microeconomics, and have begun to colonize a larger swathe of economics and public policy discussions. A widely commented upon leader in The Economist, “In praise of human guinea pigs” (12 December 2015), argues quite aggressively for the widespread use of RCTs in the evaluation and formation of public policy in advanced economies, much as they are already being used in developing and emerging economies." Yet Dehejia believes that there are some vital shortcomings that must constrain our use of this method. 

 

Topic : Transitions / In : OP-EDS
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