Economists (and everyone else out there in the econoblogosphere): time to stop hiding behind theory and qualitative analysis and start addressing the empirical data out there.
Theory versus Big Data? Maybe not.
Economic theory plays an important role in the analysis of large data sets with complex structure. It can be difficult to organize and study this type of data (or even to decide which variables to construct) without a simplifying conceptual framework, which is where economic models become useful. Better data also allow for sharper tests of existing models and tests of theories that had previously been difficult to assess.
