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Econ8.25.10 - 1 Causality wrap-up 2 East Asia definitions 3...

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1 Causality wrap-up 2 East Asia definitions 3 Chapter 2 4 Causality: how do economists handle? 1 Qualitative or highly qualitative argument: Ricardo, Adam Smith, Friedman Hershman highly qualitative Ruling out other potential causes, typically case studies. This type of studying economics has fallen out a little bit. Moved toward mathematics. 2 Regression analysis Many observations, but typically no random selection or random assignment, Regression analysis proves correlation not causation. Causation isassumed. 3 Natural Experiments Development economics has moved in this way in the last few years. Randomly selected, randomly assign. Problems with scale too: problems economy-wide. Small scale has less scrutiny. Changes in rules that create experiments that have random elements. Have a treatment group and control group. 4 Pure math models: assume causality Economics is full of assumptions. What variables are relevant?
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