How should theory and evidence relate to each other
By: Noah Smith – Stony Brook University
How the Economics of the Economics Profession Resists New Thinking
Nobel Laureate and INET Advisory Board member James Heckman and INET President Rob Johnson discuss peer-reviewed journals and a professional incentive structure that constricts the idea space and reinforces tired orthodoxies in economics.
Which papers get published
Card and DellaVigna’s citation-maximizing benchmark model seems to describe well the editorial decision process in economic journals. Yet they also identify an interesting deviation from this model: certain paper characteristics are strongly correlated with future citations. This suggests, according to the authors, that referees impose higher standards on certain types of papers, or that that they are effectively discounting the future citations that will be received by these papers.

What do Editors Maximize? Evidence from Four Leading Economics Journals
Authors: David Card, Stefano DellaVigna
From: UC Berkeley