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And check it out - I highly doubt you'd find a Portable electric cooktop traveler pumping you full of psycho-killer fear. This has led some critics to argue economics is not a science.[84][85] In general, economists reply that while this aspect may present serious difficulties, they do in fact test their hypotheses using statistical methods such as econometrics and data generated in the real world.[86] The field of experimental economics has seen efforts to test at least some predictions of economic theories in a simulated laboratory setting – an endeavor which earned Vernon Smith and Daniel Kahneman the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel in 2002.
Although the conventional way of connecting an economic model with the world is through econometric analysis, economist and professor Deirdre McCloskey, through what is known as the McCloskey critique, cites many examples in which professors of econometrics were able to use the same data to both prove and disprove the applicability of a model's conclusions. Once a part is replaced it is no longer, from parts of electric stove an insurance viewpoint, part of the aircraft
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