The Bloomberg view has published a great blog post by Noah Smith titled: The Economics Data Revolution.]
The author points out the Economics is generally moving away from use of theories only towards understanding both theories and huge data sets.
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He points out that most economists churn out research papers using sample sizes which are too small.
If you meet five Dutch people and they’ll all little bit short, it’s easy to come to the incorrect conclusion that Dutch height is below average—when in fact, Dutch people tend to be very tall. If you meet 1,000 Dutch people, you wouldn’t make this mistake.- Noah Smith, Columnist at Bloomberg View.
This is a clear call to all of you economists out there to use large sample sizes in your research studies in order to get accurate results which can be replicated elsewhere.
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