I’m a big fan of Russ Roberts’ approach to economics: Be clear, avoid jargon, be skeptical but not cynical, and be aware of your own biases. Question your own beliefs, not just those you disagree with.
In a short interview with the Finance Buff, Russ talks about another part of his approach: empirical economic research is overrated: “I see [economics] more as a way of thinking, a language, a philosophy for approaching the world.”
This is not a case for rejecting empirical research outright. It is a case for knowing that it has its limits. Regression analyses are good at establishing magnitudes of effect. But they are not to be taken literally. More economists would do well to learn that lesson.
Inertia Wins! 