ELI5: Explain Like I'm 5

Economics empiricism

Economics empiricism is when economists use facts and data to support the theories and decisions about economic issues. It means looking at data to see if something is true or not, like if raising taxes would help the economy. To do this, economists collect data from people who have done research, test their theories with experiments, and compare facts from different countries or different time periods to see if their ideas could really work.