THEORY, FAITH, AND PREDICTION: A METHODOLIGICAL RESPONSE TO SKEPTICISM RAISED BY THE REPLICATION CRISIS
Abstract:
Due to the major concerns raised by the replication crisis, I take a survey of the economics literature around replication and find that it a serious enough dilemma to raise epistemological concerns over the validity of contemporary economics publications. While there are attempts to solve this dilemma, current economic academics are forced to rely on a good degree of faith in terms of using economic publications. The alternative to faith would be to hold a large degree of skepticism towards those same publications. Since replication is both expensive and infrequent, I offer Milton Friedman's F53 as a possible meta-methodological solution towards tackling this skepticism if research continues to go forth without replication.