this post was submitted on 20 Aug 2023
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economics is not a hard science (lemmy.world)
submitted 1 year ago by [email protected] to c/[email protected]
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[–] [email protected] 11 points 1 year ago (1 children)

It's possible to do that in Economics, but most of them are very unethical. It's not impossible.

For example, you would have to have complete control over an economy to make experimental changes. Say increasing interest rates just for certain subjects and leaving them alone for the control group. It would be very illegal.

Usually economists take advantage of local law changes to observe the results. Like you can look at the effects of increasing minimum wage on unemployment by looking at cities that do it before and after. Or you can compare similar states that when some of them pass a law, but others don't.

The movie "Trading Places" is a kind of unethical economic experiment, although the record keeping was sparse.