Backward‐oriented economics

Nowadays, academic journals of high standing rarely accept a conceptual idea in paper not instantly accompanied by econometric estimates. The would almost certainly get rejected. Empirical validation based on past statistical data has produced an unfortunate backward orientation economics. While one can learn from the past, this approach fails when underlying conditions strongly change. suggests various possibilities to overcome intense publication pressure so-called top and overemphasis instant empirical evidence. Academia is, however, unlikely adapt. As economics is too oriented, other disciplines or cranks may well dominate future economic policy.