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Time to reject the privileging of economic theory over empirical evidence? A Reply to Lawson Katarina Juselius University of Copenhagen Economics Department Abstract: The present financial and economic crisis has revealed a systemic failure of academic economics and emphasized the need to re-think how to model economic phenomena. Lawson (2009) seems concerned that critics of standard models now will fill academic journals with contributions that make the same methodological mistakes, albeit in slightly different guise. In particular, he is rather sceptical of the usefulness of mathem