Where do the most common data for testing economic theories come from?

Question

Quizplus · Accepted Answer

The most common data for testing economic theories come from historical episodes of economic change, such as recessions, financial crises, and booms. These real-world events provide natural experiments for economists to analyze and test their theories. While laboratory experiments can be useful, they are often criticized for lacking external validity and not fully capturing the complexities of the real world. Traditional and centrally planned economies may also provide some useful data, but historical episodes are the most commonly studied.

Where Do the Most Common Data for Testing Economic Theories