Data sources are regularly updated. Users typically assume that this means that new, more recent data are added and that errors are corrected. Newer data are better. But are they? And what are the implications for replication? This guest blog of the replication network points out challenges and potential benefits of the existence of different data versions.
Variations between the different vintages of a data set are not necessarily problematic. Variations provide insight in the measurement error in the data source. A better understanding of measurement error may be helpful for establishing why a replication fails or succeeds. Moreover, performing replications over many different vintages can support the robustness of the original study’s findings. If all the data versions arrive at the same conclusion, this strengthens confidence in the replication’s verdict on the original study (be it positive or negative). It is not the difference of the data version that matters, but the similarity of findings across different data versions. As a result, different data versions can be turned into an important asset for replication research.
Earth economics studies the economy of our planet from the perspective of an autarkic system (a “closed economy”). It ignores the constituent national and regional parts of the planet economy and focuses on the whole. The book respects the heritages of IS/LM (Keynes) and neoclassical growth (Solow) not out of economic respect but because these tools are very useful in understanding the crisis and the policy response to that crisis.