Philosophy of Statistics in Economics

The Philosophy of Statistics in Economics examines the principles and assumptions underlying statistical methods used to analyze economic data. It explores questions about data interpretation, causality, and the validity of statistical models in explaining economic phenomena. This field critically analyzes how statistics inform economic theories, policy decisions, and models, considering both the strengths and limitations of quantitative approaches. By addressing issues like measurement errors and the role of assumptions, it seeks to enhance our understanding of economic realities and improve decision-making based on statistical evidence.