Economists: The Masters of Assumptions

78% of Maritimes believe something may go wrong when they are hospitalized. This is quoted from a radio talk show in Moncton today. This is scarily because what it means is what might go wrong, will go wrong. Most Canadians are proud of our public health care system, but this studies alarm us that something is wrong the existing Canadian healthcare system. A nurse called to the station telling the story of her recent over-the-night surgery stay and she was blaming the lack of clinical experience of new nurses worsen the situation.

As a researcher, I know it is almost no researches are perfect. It is especially true for empirical studies and studies in social science. The most powerful tool for an economist is assumption, but assumptions are not always too valid. Defending assumption is an art and you may need another assumption to attack it. Unless the arguments are totally wrong, economist can always find ways to model anything that yields opposite results.

Therefore, it has been said that if you put 10 different economists in a room together and ask their opinion on a proposed economic policy, you'll receive at least 11 different answers. (See: http://economics.about.com/od/nobelprizeineconomics/a/election_nobel.htm)