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Business Is Booming in Empirical Economics

Aug. 7 (Bloomberg) -- Many had pronounced the field of economics discredited after the global financial crisis. Instead, it’s in the midst of a revolution.

The transformation isn’t a mea culpa, or a knee-jerk reaction to the crisis. Rather, it’s a long-running shift toward a more empirical field, to the study of what hard data can tell us about the way the world really works.