On the credibility of the economics literature

The scientific credibility of economics is itself a scientific question that can be addressed with both theoretical speculations and empirical data. In this review… We summarize and discuss the empirical evidence on the lack of a robust reproducibility culture in economics and business research, the prevalence of potential publication and other selective reporting biases, and other failures and biases in the market of scientific information. Overall, the credibility of the economics literature is likely to be modest or even low.

– From the abstract of the article What’s to know about the credibility of empirical econonmics? by John Ioannidis and Chris Doucouliagos, Journal or Economic Surveys Volume 27, Issue 5, December 2013, Pages 997–1004.

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