Big Data’s Rise in Economics

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Matt Phillips of Quartz recently wrote, “With the heady perfume of big data permeating much of the intellectual atmosphere, the field of economics is increasingly tilting toward empirical efforts, according to a recent paper published by Stanford economics professors Liran Einav and Jonathan Levin in the journal Science. That means in order to move up the career ladder, economists are becoming more reliant on digging up novel data sets to work with.”

Phillips continues, “The Stanford economists looked at papers published in the last few years in the American Economic Review, one of the world’s most prestigious economic journals. And they found that a growing share of those published were exempt from the journal’s data availability policy, which stipulates that data used in papers must be publicly available so that other economists can try to replicate the findings. Such exemptions are sometimes granted in the case of proprietary data. And that type of closely held data set has been at the heart of some of the most influential economic papers of the last few years.”

Read more here.

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