How are economic models/theories tested?

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Compared to how testing is done in hard sciences, do economic tests differ? Is it more or less difficult isolating measurements?

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Anonymous 0 Comments

There are many hard sciences where you can’t really test your theories – astrophysics and geology come to mind. You just observe, gather data, analyze, try to find patterns, propose explanations and make theories. The real test is when you find new data – does it match your predictions.

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