Theoretical and Empirical Research in Modern Economics: Problems of Communication

Abstract

The last decades witnessed the increasing importance of econometric methods and empirical research in economics. The success of the empirical turn in economics depends on the formats and problems of communication between theory and empirics. The paper considers potential difficulties in communication "from the theory to empirical research" and "from empirical research to theory". It analyzes the role of informal consensus as an instrument facilitating such communication and potential impact of this consensus on the direction of research.