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Asd 3, Piketty and Heckman: Why economics needs data

Piketty and Heckman: Why economics needs data

[JAMES HECKMAN] Data essentially allow us to discriminate

among alternative explanations.

[THOMAS PIKETTY] I think theory can be useful but I think sometimes economists spend too much time

doing very sophisticated theory without knowing what are the facts that they are trying to

explain and understand.

[JAMES HECKMAN] When Adam Smith was writing The Wealth of Nations many deep ideas that he had came but he didn't

have a body of data.

[THOMAS PIKETTY] When I started as a graduate student I realized that there was actually very

little data collection.

[JAMES HECKMAN] We might observe some fact. Then we want to know well, is this fact an anomaly?

[THOMAS PIKETTY] So we have to measure these

things to make proper comparisons to see, you know, when these claims are justified.

[JAMES HECKMAN] And then the second

question would be, even if it's a repeated finding, what are the mechanisms that give

rise to that repeated finding?

[THOMAS PIKETTY] Better data is not going to make the world a peaceful place but at least it can allow us to

have a more informed discussion.

[JAMES HECKMAN] As you try to collect data and you try to use every source of information available to you.

[THOMAS PIKETTY] Go back to the historical data. Collect in a much

more systematic manner than what was done before.

[JAMES HECKMAN] So I've looked at data from what are called cross-sections; looking at different individuals,

following the same people over time.

[THOMAS PIKETTY] Taxation is always more than taxation. It's also a way to produce information, you know, to society.

[JAMES HECKMAN] So you look at multiple sources of data,

all of it non experimental.

[THOMAS PIKETTY] It's a way to produce legal categories, statistical categories, which can then be used

by economists and other social scientists.

[JAMES HECKMAN] And also using economic theory to help organize your thinking.

[THOMAS PIKETTY] The history of income

and wealth is not just a pure economic history; it is a political history, or social history.

[JAMES HECKMAN] Parts of the story may not yet be

fully understood and that's the challenge.

[THOMAS PIKETTY] Instead of just proving sophisticated mathematical theorems in order to impress

others we should just, you know, try to collect data, establish facts, and try to learn something.

Piketty and Heckman: Why economics needs data Piketty und Heckman: Warum die Wirtschaftswissenschaften Daten brauchen Piketty ve Heckman: Ekonomi neden veriye ihtiyaç duyar?

[JAMES HECKMAN] Data essentially allow us to discriminate [Heckman] Básicamente, los datos nos permiten [Heckman] I dati ci consentono essenzialmente di discriminare tra spiegazioni Os dados permitem-nos essencialmente

among alternative explanations. discriminar entre explicaciones alternative. [Piketty] Penso che la teoria possa essere utile, ma penso che discriminar entre explicações

[THOMAS PIKETTY] I think theory can be useful but I think  sometimes economists spend too much time [Piketty] Yo creo que la teoría puede ser útil pero a veces los economistas pasamos demasiado tiempo parfois les économistes passent trop de temps Penso que a teoria pode ser útil, mas penso

doing very sophisticated theory without knowing  what are the facts that they are trying to construyendo teorías muy sofisticadas sin saber cuáles son los hechos que se à faire de la théorie très sophistiquée sans sans savoir quels sont les faits qu'ils fazendo uma teoria muito sofisticada sem

explain and understand. intentan explicar y comprender. [Heckman] Cuando essaient d'expliquer et de comprendre. tentando explicar e compreender. Quando

[JAMES HECKMAN]  When Adam Smith was writing The Wealth of Nations  many deep ideas that he had came but he didn't de las naciones** le vinieron a la mente muchas ideas Lorsque Adam Smith écrivait La Richesse des Nations nombreuses sont les idées profondes qu’il avait mais il ne disposait pas d’un ensemble de données. Adam Smith stava scrivendo **The Wealth of Nations**, aveva molte idee profonde Adam Smith estava escrevendo A Riqueza das Nações

have a body of data. de calado, pero carecía de datos. [Piketty] Como Quand j'ai commencé à étudier aux cycles supérieurs, j'ai réalisé ma non aveva un corpo di dati. [Piketty] Quando ho iniziato come studente laureato mi sono reso conto teve muitas ideias profundas

[THOMAS PIKETTY]  When I started as a graduate student I  realized that there was actually very comecei como um estudante de pós-graduação que percebi

little data collection. Nous pourrions observer un fait

[JAMES HECKMAN]  We might observe some fact. Then we want  to know well, is this fact an anomaly? pero luego querremos saber: ¿este hecho es ensuite nous voulons savoir: eh bien, est-ce que ce fait est une anomalie?

[THOMAS PIKETTY] So we have to measure these una anomalía? [Piketty] Así que tenemos que medir Nous devons donc mesurer ces choses

things to make proper comparisons to see,  you know, when these claims are justified. para hacer las comparaciones adecuadas, para ver cuándo se justifican pour effectuer des comparaisons appropriées pour voir, vous savez, quand ces affirmations sont justifiées. para ver, sabe, quando estas afirmações são

[JAMES HECKMAN] And then the second esas afirmaciones. [Heckman] Y luego la siguiente pregunta Et ensuite, la deuxième question justificadas. E depois a segunda pergunta

question would be, even if it's a repeated  finding, what are the mechanisms that give sería: incluso si es un hecho que se repite, ¿cuáles son los mecanismos que provocan serait: même s’il s’agit de constats répétés, quels sont les mécanismes qui donnent lieu seria, mesmo que se trate de uma descoberta repetida,

rise to that repeated finding? que se repita? [Piketty] Tener mejores datos à ces constatations répétées. a essa descoberta repetida? Dados melhores não

[THOMAS PIKETTY]  Better data is not going to make the world a  peaceful place but at least it can allow us to pero por lo menos puede permitirnos tener renderanno il mondo un luogo pacifico, ma almeno possono permetterci di avere vão fazer do mundo um lugar pacífico

have a more informed discussion. un debate más informado. [Heckman] A medida que intentas discussioni più informate. [Heckman] Cerchiamo di raccogliere dati e cerchiamo di utilizzare ogni mas, pelo menos, pode permitir-nos ter um

[JAMES HECKMAN]  As you try to collect data and you try to use  every source of information available to you. recabar datos y tratas de utilizar fuentes cotidianas de información disponibles. sources d'information également disponibles. coletar dados e tenta utilizar cada

[THOMAS PIKETTY] Go back to the historical data. Collect in a much [Piketty] Nos podemos fijar en los datos históricos, recabar datos fonte de informação à sua disposição. Ir

more systematic manner than what was done before. de un modo mucho más sistemático ce qui était fait auparavant. de volta aos dados históricos. Coletar

[JAMES HECKMAN]  So I've looked at data from what are called  cross-sections; looking at different individuals, que antes. [Heckman] Yo he consultado los datos de lo que llamamos muestras representativas; considerando distintos individuos, J'ai donc examiné les données de ce que l’on appelle des coupes transversales en regardant differentes personnes et di quelle che vengono chiamate sezioni trasversali, guardando individui diversi, foi feito antes. Por isso, olhei para os dados do que se chama secções transversais (cross-sections);

following the same people over time. siguiendo a la misma gente a lo largo del tiempo. en suivant les mêmes personnes au fil du temps e seguendoli nel corso del tempo. [Piketty] La tassazione non è mai solo tassazione. olhando para diferentes indivíduos,

[THOMAS PIKETTY]  Taxation is always more than taxation. It's also a  way to produce information, you know, to society. la fiscalité est toujours plus que la fiscalité c'est aussi un moyen de générer des informations sur une société.

[JAMES HECKMAN] So you look at multiple sources of data, fuentes de datos, todas sources de données, toutes non expérimentales

all of it non experimental. no experimentales. [Piketty] Es una manera de crear categorías experimental. É uma forma de produzir

[THOMAS PIKETTY]  It's a way to produce legal categories,  statistical categories, which can then be used legales, categorías estadísticas, que luego

by economists and other social scientists. pueden utilizar los economistas y otros

[JAMES HECKMAN]  And also using economic theory  to help organize your thinking. científicos sociales. [Heckman] Y además usar la teoría económica para organizar

[THOMAS PIKETTY] The history of income [Piketty] La historia de los ingresos y la riqueza no es L'histoire des revenus et de la richesse n'est pas A história do rendimento e da riqueza não é

and wealth is not just a pure economic history;  it is a political history, or social history. historia política, o historia social. juste une histoire purement économique, c'est une histoire politique ou une histoire sociale solo una pura storia economica; è una storia politica, o una storia sociale. apenas uma história econômica pura; é uma

[JAMES HECKMAN] Parts of the story may not yet be [Heckman] Partes de la historia podrían no entenderse Certaines parties de l'histoire ne sont peut-être pas encore bien [Heckman] Parti della storia potrebbero non essere ancora completamente comprese e questa è la sfida. história política, ou história social.

fully understood and that's the challenge. del todo, y ese es el desafío. comprises et c'est le défi. Partes da história podem ainda não estar completamente

[THOMAS PIKETTY]  Instead of just proving sophisticated  mathematical theorems in order to impress [Piketty] En vez de solo demostrar teoremas matemáticos sofisticados para Au lieu de simplement prouver des théorèmes mathématiques sophistiqués pour Em vez de apenas se provar sofisticado

others we should just, you know, try to collect  data, establish facts, and try to learn something. impresionar a los demás, deberíamos sencillamente, tratar de recabar datos, establecer los hechos e intentar impressionner les autres, nous devrions simplement, vous savez, essayer de collecter des données, établir des faits pour essayer impressionar os outros devemos apenas, você sabe, tentar