Upholding Honesty and Scientific Integrity in Applied Economics

The webinar aimed to provide students of Economics and Analytics with an understanding of research in the field of Applied Economics. Its purpose was to instil in students the belief that research work should be conducted with honesty and scientific integrity to have practical applicability. Dr. Steven Payson, a distinguished author and esteemed faculty member at the University of Maryland and Johns Hopkins University, delivered the webinar. With his extensive expertise in economic research, Dr. Payson effectively guided students in discerning the disparities between honest and dishonest publications and research practices.

The session began with a discussion on dishonesty within the economics field, despite numerous rules and regulations. The speaker boldly stated, "Economics is uniquely complacent about dishonesty compared to other fields." He argued that false wisdom should be recognized as the root cause of all instances of dishonesty.

Dr. Steven then presented his taxonomy of dishonesty in the economics profession, which included three categories: dishonesty by economists to the public, dishonesty within the economics community, and dishonesty towards oneself. Examples of these dishonest practices were explored, such as the dissemination of false or misleading economic statistics, the manipulation of economic analysis to influence policy decisions, and the concept of the "George Costanza Defense," where individuals claim achievements that lack credibility but still receive the recognition due to their influential positions or affiliations. The prevalence of highly cited research papers in top-ranking journals, supported by sponsors and endorsed by renowned figures, was also discussed as a form of dishonesty in research publications. Additionally, the influence of salaries and other incentives on researchers' integrity was examined.

The session delved into the dominance of literature-only economic theories, characterized by rigorous mathematical and econometric models, in top-ranking journals. It was argued that these theories often lack practical applicability and are disconnected from real-world scenarios. The three defining characteristics of literature-only economic theories were highlighted: their reliance on strong and arbitrary assumptions, their complex mathematical constructs, and their absence from textbooks, classrooms, and practical settings.

Dr. Steven emphasized the distinction between the scientific pursuit of useful knowledge that contributes to societal development and the competitive nature of intellectual games focused solely on winning awards, grants, and scholarships, rather than fostering collaboration and collective progress.

The speaker acknowledged the existence of a protective layer that shields dishonesty from criticism within the economics profession. Factors such as the vested interests and benefits enjoyed by organizations, incentives, and professional barriers against accusations of dishonesty were discussed. Several instruments to address this issue were proposed, including the role of economic thought, exposing and shaming dishonest organizations and authors, and government accountability. However, the effectiveness of these instruments was questioned, as papers addressing dishonesty tend to be overlooked and marginalized, leading authors to prioritize other topics.

Finally, Dr. Steven recommended his three books on the topic of exposing fake economies. The webinar concluded with an interactive question-and-answer session involving the students.

The webinar offered a fresh perspective on publications in economics and the economics profession as a whole. It served as an eye-opening learning experience for students, researchers, and faculty members alike. By challenging established notions and highlighting the prevalence of dishonesty within the field, the webinar encouraged attendees to think critically and approach their work with a newfound awareness. The session likely prompted individuals to reflect on the purpose and integrity of their research, fostering a deeper understanding of the importance of honesty and practical applicability in economic studies. Overall, the webinar broadened participants' horizons and stimulated thoughtful discussions about the nature of economics and the responsibilities of those involved in the profession.