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The path of economics research production: Insights into the seesaw between theory and empirics

Author

Listed:
  • Faria, João Ricardo
  • Goel, Rajeev K.
  • Manage, Neela D.
Abstract
This paper provides insights into the apparent seesaw between the generation of theoretical versus empirical economics research over time. A dynamic model considers the incentives of researchers to focus on empirical versus theoretical papers. It yields the main characteristics of the path-changing of economics research, from theoretical-intensive to empirical-focused. The model has two equilibria, one with a higher proportion of theoretical papers and another with a higher proportion of empirical papers. Curiously, the equilibrium with greater theoretical papers is stable, while the one with more empirical papers is a saddle point. This suggests that the current trend of increasing empirical research is unlikely to last.

Suggested Citation

  • Faria, João Ricardo & Goel, Rajeev K. & Manage, Neela D., 2023. "The path of economics research production: Insights into the seesaw between theory and empirics," Kiel Working Papers 2238, Kiel Institute for the World Economy (IfW Kiel).
    • Handle: RePEc:zbw:ifwkwp:2238
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    References listed on IDEAS

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    More about this item

    Keywords

    economic research; theory; empirics; publications; journals;
    All these keywords.

    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • A19 - General Economics and Teaching - - General Economics - - - Other

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