1. "Economics deals with hideously complex systems where controlled experiments are usually impossible. If you want to isolate one phenomenon, you're going to have to ignore an awful lot of interesting stuff. But if you think about it, that describes most of the situations we face in our daily lives." (Economics isn't Science or Literature, August 27, 2014)
2. "[DSGE models] contain so many unrealistic assumptions that they probably have little chance of capturing reality. Their forecasting performance is abysmal... Any rigorous statistical tests tend to reject these models instantly." (Economics Struggles to Cope with Reality (June 10, 2016)
3. "Quasi-experimental research becomes less reliable the further you move away from the conditions where the experiment happened - and you don’t even know how fast the reliability vanishes." (Elegant Economic Theories Get Shoved Aside by Data, Mar 7, 2016)
(original version from April 2017)
