ABSTRACT
The expectations of the audience are rational because the answer I will give to the question posed by the title of this lecture is exactly what they expect. The answer is “yes.” No doubt the expec tations are also that I will not give a one-word lecture. A justification of such a radical answer is expected. Again, the expectations are rational. The natural way for me to explain my belief is to focus on the events that have facilitated and will continue to facilitate the broad application of laboratory experimental methods. Economics has been a non-laboratory science for several hun dred years. Many have used economics as a classical example of a science in which laboratory methods are impossible. What has happened to make experimental methods applicable now and thereby change the way in which one can learn about economics? That question is the focus of this lecture.
