what is literature review in economics

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This page is meant to help you create a literature review for academic projects and publications. Each tab outlines a different aspect of what a literature review is and how to build one. If you need help finding sources for your literature reviews, check out How To pages.

How to Build a Literature Review

• What is a Lit Review?
• Why Write a Lit Review?
• Building a Lit Review
• Prepping for a Lit Review
• Basic Example
• Other Resources/Examples

What is a Literature Review?

A literature review is a comprehensive summary and analysis of previously published research on a particular topic. Literature reviews should give the reader an overview of the important theories and themes that have previously been discussed on the topic, as well as any important researchers who have contributed to the discourse. This review should connect the established conclusions to the hypothesis being presented in the rest of the paper.

What a Literature Review Is Not:

• Annotated Bibliography: An annotated bibliography summarizes and assesses each resource individually and separately. A literature review explores the connections between different articles to illustrate important themes/theories/research trends within a larger research area. 
• Timeline: While a literature review can be organized chronologically, they are not simple timelines of previous events. They should not be a list of any kind. Individual examples or events should be combined to illustrate larger ideas or concepts.
• Argumentative Paper: Literature reviews are not meant to be making an argument. They are explorations of a concept to give the audience an understanding of what has already been written and researched about an idea. As many perspectives as possible should be included in a literature review in order to give the reader as comprehensive understanding of a topic as possible.

Why Write a Literature Review?

After reading the literature review, the reader should have a basic understanding of the topic. A reader should be able to come into your paper without really knowing anything about an idea, and after reading the literature, feel more confident about the important points.

A literature review should also help the reader understand the focus the rest of the paper will take within the larger topic. If the reader knows what has already been studied, they will be better prepared for the novel argument that is about to be made.

A literature review should help the reader understand the important history, themes, events, and ideas about a particular topic. Connections between ideas/themes should also explored. Part of the importance of a literature review is to prove to experts who do read your paper that you are knowledgeable enough to contribute to the academic discussion. You have to have done your homework.

A literature review should also identify the gaps in research to show the reader what hasn't yet been explored. Your thesis should ideally address one of the gaps identified in the research. Scholarly articles are meant to push academic conversations forward with new ideas and arguments. Before knowing where the gaps are in a topic, you need to have read what others have written.

What does a literature review look like?

As mentioned in other tabs, literature reviews should discuss the big ideas that make up a topic. Each literature review should be broken up into different subtopics. Each subtopic should use groups of articles as evidence to support the ideas. There are several different ways of organizing a literature review. It will depend on the patterns one sees in the groups of articles as to which strategy should be used. Here are a few examples of how to organize your review:

Chronological

If there are clear trends that change over time, a chronological approach could be used to organize a literature review. For example, one might argue that in the 1970s, the predominant theories and themes argued something. However, in the 1980s, the theories evolved to something else. Then, in the 1990s, theories evolved further. Each decade is a subtopic, and articles should be used as examples. 

Themes/Theories

There may also be clear distinctions between schools of thought within a topic, a theoretical breakdown may be most appropriate. Each theory could be a subtopic, and articles supporting the theme should be included as evidence for each one. 

If researchers mainly differ in the way they went about conducting research, literature reviews can be organized by methodology. Each type of method could be a subtopic,  and articles using the method should be included as evidence for each one.

Preliminary Steps for Literature Review

• Define your research question
• Compile a list of initial keywords to use for searching based on question
• Search for literature that discusses the topics surrounding your research question
• Assess and organize your literature into logical groups
• Identify gaps in research and conduct secondary searches (if necessary)
• Reassess and reorganize literature again (if necessary)
• Write review

Here is an example of a literature review, taken from the beginning of a research article. You can find other examples within most scholarly research articles. The majority of published scholarship includes a literature review section, and you can use those to become more familiar with these reviews.

Source:  Perceptions of the Police by LGBT Communities

• ISU Writing Assistance The Julia N. Visor Academic Center provides one-on-one writing assistance for any course or need. By focusing on the writing process instead of merely on grammar and editing, we are committed to making you a better writer.
• University of Toronto: The Literature Review Written by Dena Taylor, Health Sciences Writing Centre
• Purdue OWL - Writing a Lit Review Goes over the basic steps
• UW Madison Writing Center - Review of Literature A description of what each piece of a literature review should entail.
• USC Libraries - Literature Reviews Offers detailed guidance on how to develop, organize, and write a college-level research paper in the social and behavioral sciences.
• Creating the literature review: integrating research questions and arguments Blog post with very helpful overview for how to organize and build/integrate arguments in a literature review
• Understanding, Selecting, and Integrating a Theoretical Framework in Dissertation Research: Creating the Blueprint for Your “House” Article focusing on constructing a literature review for a dissertation. Still very relevant for literature reviews in other types of content.

A note that many of these examples will be far longer and in-depth than what's required for your assignment. However, they will give you an idea of the general structure and components of a literature review. Additionally, most scholarly articles will include a literature review section. Looking over the articles you have been assigned in classes will also help you.

• Sample Literature Review (Univ. of Florida) This guide will provide research and writing tips to help students complete a literature review assignment.
• Sociology Literature Review (Univ. of Hawaii) Written in ASA citation style - don't follow this format.
• Sample Lit Review - Univ. of Vermont Includes an example with tips in the footnotes.
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Writing a Literature Review in Economics

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What is a Literature Review?

It is a synthesis of sources that summarizes findings on a topic (Cisco 2014). It tells a story that covers three main points: the previous work done on the topic, something missing in that body of work, and how you try to fill that gap (Dudenhefer 2014).

I. First Step: Read the Literature

• The main research question it’s trying to answer. Most sources state this in the abstract/introduction.
• How does it answer this question? Most sources discuss this in the methods/data sections.
• What are its main conclusions? Sources will usually include these in the discussion, results, and conclusion section(s). 
• Are there any limitations of the study? Sources might discuss this in the discussion/conclusion.

II. Second Step: Identify Themes

Compare each source’s research questions, methods, and conclusions. You can use the relationships between sources to identify themes/arguments in the literature. Consider: 

• How do sources define abstract terms (like “growth” or “entrepreneurship”)?
• Do they make any common assumptions or find a certain relationship between two variables (for example, between education levels and GDP)?
• Do they have similar methodologies? Are there differences in how they collect and organize data, and are those significant?
• Where else is there consensus or disagreement?
• Click “cited by” under a paper on Google Scholar to see who cites a source.
• Example: All of the papers you’re considering use a Difference-in-Differences regression. Your paper isn’t changing the regression. Dedicate part of your review to the details of how those authors use the regression and how this method is significant for your own project.

III. Third Step: Structure Your Review

• Begin with a topic sentence that explains the theme the paragraph focuses on.
• Then, discuss different perspectives and/or approaches sources use to study the theme.
• End with your own assessment of where the debate over that theme stands. What’s generally accepted? What’s inconclusive? 
• Some professors may want you to begin with a paragraph summarizing the literature as a whole: How much is there? Are there seminal works? (Dudenhefer 2014)

Example Literature Review

Mo Alloush and Stephen Wu, “Income Improves Subjective Well-Being: Evidence from South Africa” (2023): 

          This analysis adds to an inconclusive literature on the impact of income on subjective well-being. In a seminal paper, Easterlin (1974) compares in-come and happiness across countries and finds that individuals in richer countries, on average, did not appear to be happier than those living in poorer countries. This finding seemed to defy expectation and is dubbed the Easterlin paradox. However, in the same study and in several studies since, Easterlin shows that within countries, the poor exhibit consistently lower levels of happiness than the rich (Easterlin 1974, 1995, 2001). Moreover, recent careful analyses that use data from many countries around the world show that subjective well-being and income are positively correlated both within and across countries (Di Tella and MacCulloch 2008; Sacks, Stevenson, and Wolfers 2010; Graham 2011; Wolfers, Sacks, and Stevenson 2012; Stevenson and Wolfers 2013).

    Fewer studies estimate the causal impact of income on subjective well-being. Exceptions include Frijters, Haisken-DeNew, and Shields (2004), who use an increase in income due to German reunification to estimate the effect of income on life satisfaction, and Gardner and Oswald (2007), who find that individuals who win medium-sized lottery prizes have significantly better levels of psychological well-being than those who win small prizes or those who do not win at all. Powdthavee (2010) uses the existence of pay slips as an instrument for household income and finds large effects on individual happiness, arguing that correlational methods likely understate the effect of income on subjective well-being. Moreover, Haushofer and Shapiro (2016) show that un-conditional cash transfers increase life satisfaction and psychological well-being among a sample of very poor rural individuals in Kenya. However, recent work has suggested that the long-term effects of lottery windfalls on mental health and happiness are significantly smaller than the effects on life satisfaction (Lindqvist, Östling, and Cesarini 2020).

        The study most closely resembling ours is the recent work by Cuong (2020), which shows that receipt of a social pension in Vietnam at age 80 increases life satisfaction for a sample of elderly recipients. While our analysis similarly uses the discontinuity of receipt of a transfer to older individuals in a developing country, it is distinct in several ways. The South African Older Person’s Grant is a large unconditional cash transfer amounting to approximately 140% of the per capita poverty line that begins at the much lower age of 60. In addition, we track the effects of the grant on the subjective well-being of other household members, who—given that multigenerational households are common in South Africa—span all adult age groups but are, on average, poorer and slightly younger than the overall representative sample.

This review is effective because it:

• Organizes the paragraphs by three themes: broad correlation between income and happiness, papers with more precise measures of that relationship, and papers with methodologies like their own. 
• States each theme in each paragraph’s first sentence. 
• Brings authors into conversation with one another within the same paragraph to illustrate the different perspectives on each theme; authors disagree even within the same paragraph.
• However, it does not end each paragraph with an overall assessment of each theme, illustrating that different professors may have different expectations for literature reviews. 

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Researching and writing for Economics students

4 literature review and citations/references.

Figure 4.1: Literature reviews and references

Your may have done a literature survey as part of your proposal. This will be incorporated into your dissertation, not left as separate stand-alone. Most economics papers include a literature review section, which may be a separate section, or incorporated into the paper’s introduction. (See organising for a standard format.)

Some disambiguation:

A ‘Literature survey’ paper: Some academic papers are called ‘literature surveys’. These try to summarise and discuss the existing work that has been done on a particular topic, and can be very useful. See, for example, works in The Journal of Economic Perspectives, the Journal of Economic Literature, the “Handbook of [XXX] Economics”

Many student projects and undergraduate dissertations are mainly literature surveys.

4.1 What is the point of a literature survey?

Your literature review should explain:

what has been done already to address your topic and related questions, putting your work in perspective, and

what techniques others have used, what are their strengths and weaknesses, and how might they be relevant tools for your own analysis.

Figure 4.2: Take notes on this as you read, and write them up.

4.2 What previous work is relevant?

Focus on literature that is relevant to your topic only.

But do not focus only on articles about your exact topic ! For example, if your paper is about the relative price of cars in the UK, you might cite papers (i) about the global automobile market, (ii) about the theory and evidence on competition in markets with similar features and (iii) using econometric techniques such as “hedonic regression” to estimate “price premia” in other markets and in other countries.

Consider: If you were Colchester a doctor and wanted to know whether a medicine would be effective for your patients, would you only consider medical studies that ran tests on Colchester residents, or would you consider more general national and international investigations?

4.3 What are “good” economics journal articles?

You should aim to read and cite peer-reviewed articles in reputable economics journals. (Journals in other fields such as Finance, Marketing and Political Science may also be useful.) These papers have a certain credibility as they have been checked by several referees and one or more editors before being published. (In fact, the publication process in Economics is extremely lengthy and difficult.)

Which journals are “reputable”? Economists spend a lot of time thinking about how to rank and compare journals (there are so many papers written about this topic that they someone could start a “Journal of Ranking Economics Journals”. For example, “ REPEC ” has one ranking, and SCIMAGO/SCOPUS has another one. You may want to focus on journals ranked in the top 100 or top 200 of these rankings. If you find it very interesting and relevant paper published somewhere that is ranked below this, is okay to cite it, but you may want to be a bit more skeptical of its findings.

Any journal you find on JSTOR is respectable, and if you look in the back of your textbooks, there will be references to articles in journals, most of which are decent.

You may also find unpublished “working papers”; these may also be useful as references. However, it is more difficult to evaluate the credibility of these, as they have not been through a process of peer review. However, if the author has published well and has a good reputation, it might be more likely that these are worth reading and citing.

Unpublished “working papers”

You may also find unpublished “working papers” or ‘mimeos’; these may also be useful as references. In fact, the publication process in Economics is so slow (six years from first working paper to publication is not uncommon) that not consulting working papers often means not being current.

However, it is more difficult to evaluate the credibility of this ‘grey literature’, as they have not been through a process of peer review. However, if the author has published well and has a good reputation, it might be more likely that these are worth reading and citing. Some working paper series are vetted, such as NBER; in terms of credibility, these might be seen as something in between a working paper and a publication.

Which of the following are “peer-reviewed articles in reputable economics journals”? Which of the following may be appropriate to cite in your literature review and in your final project? 8

Klein, G, J. (2011) “Cartel Destabilization and Leniency Programs – Empirical Evidence.” ZEW - Centre for European Economic Research Discussion Paper No. 10-107

Spencer, B. and Brander, J.A. (1983) “International R&D Rivalry and Industrial Strategy”, Review of Economic Studies Vol. 50, 707-722

Troisi, Jordan D., Andrew N. Christopher, and Pam Marek. “Materialism and money spending disposition as predictors of economic and personality variables.” North American Journal of Psychology 8.3 (2006): 421.

The Economist,. ‘Good, Bad And Ugly’. Web. 11 Apr. 2015. [accessed on…]

Mecaj, Arjola, and María Isabel González Bravo. “CSR Actions and Financial Distress: Do Firms Change Their CSR Behavior When Signals of Financial Distress Are Identified?.” Modern Economy 2014 (2014).

Universities, U. K. “Creating Prosperity: the role of higher education in driving the UK’s creative economy.” London Universities UK (2010).

4.4 How to find and access articles

You should be able to find and access all the relevant articles online. Leafing through bound volumes and photocopying should not be neededs. (Having been a student in the late 90’s and 2000’s, I wish I could get those hours back.)

Figure 4.3: The old way!

Good online tools include Jstor (jstor.org) and Google Scholar (scholar.google.co.uk). Your university should have access to Jstor, and Google is accessible to all (although the linked articles may require special access). You will usually have the ‘most access’ when logged into your university or library computing system.If you cannot access a paper, you may want to consult a reference librarian.

It is also ok, if you cannot access the journal article itself, to use the last working paper version (on Google scholar find this in the tab that says “all X versions”, where X is some number, and look for a PDF). However, authors do not always put up the most polished versions, although they should do to promote open-access. As a very last resort, you can e-mail the author and ask him or her to send you the paper.

When looking for references, try to find ones published in respected refereed economics journals (see above ).

4.5 Good starting points: Survey article, course notes, and textbooks

A “survey article” is a good place to start; this is a paper that is largely a categorization and discussion of previous work on a particular topic. You can often find such papers in journals such as

• the Journal of Economic Perspectives,
• the Journal of Economic Surveys,
• and the Journal of Economic Literature.

These will be useful as a “catalog” of papers to read and considers citing. They are also typically very readable and offer a decent introduction to the issue or the field.

It is also helpful to consult module (course) notes and syllabi from the relevant field. Do not only limit yourself to the ones at your own university; many of universities make their course materials publicly accessible online. These will not only typically contain reading lists with well-respected and useful references, they may also contain slides and other material that will help you better understand your topic and the relevant issues.

However, be careful not to take material from course notes without properly citing it. (Better yet, try to find the original paper that the course notes are referring to.)

Textbooks serve as another extremely useful jumping off point. Look through your own textbooks and other textbooks in the right fields. Textbooks draw from, and cite a range of relevant articles and papers. (You may also want to go back to textbooks when you are finding the articles you are reading too difficult. Textbooks may present a simpler version of the material presented in an article, and explain the concepts better.)

4.6 Backwards and forwards with references

When you find a useful paper, look for its “family.” You may want to go back to earlier, more fundamental references, by looking at the articles that this paper cited. See what is listed as “keywords” (these are usually given at the top of the paper), and “JEL codes”. Check what papers this paper cites, and check what other papers cited this paper. On Google scholar you can follow this with a link “Cited by…” below the listed article. “Related articles” is also a useful link.

4.7 Citations

Keep track of all references and citations

You may find it helpful to use software to help you manage your citations

A storage “database” of citations (e.g., Jabref, Zotero, Endnote, Mendeley); these interface well with Google Scholar and Jstor

An automatic “insert citation” and “insert bibliography” in your word processing software

Use a tool like Endnote to manage and insert the bibliographies, or use a bibliography manager software such as Zotero or Jabref,

Further discussion: Citation management tools

List of works cited

Put your list of references in alphabetical order by author’s last name (surname).

Include all articles and works that you cite in your paper; do not include any that you don’t cite.

Avoiding plagiarism and academic offenses**

Here is a definition of plagiarism

The main point is that you need to cite everything that is not your own work. Furthermore, be clear to distinguish what is your own work and your own language and what is from somewhere/someone else.

Why cite? Not just to give credit to others but to make it clear that the remaining uncited content is your own.

Here are some basic rules:

(Rephrased from University of Essex material, as seen in Department of Economics, EC100 Economics for Business Handbook 2017-18, https://www1.essex.ac.uk/economics/documents/EC100-Booklet_2017.pdf accessed on 20 July 2019, pp. 15-16)

Do not submit anything that is not your own work.

Never copy from friends.

Do not copy your own work or previously submitted work. (Caveat: If you are submitting a draft or a ‘literature review and project plan’ at an earlier stage, this can be incorporated into your final submission.

Don’t copy text directly into your work, unless:

• you put all passages in quotation marks: beginning with ’ and ending with ’, or clearly offset from the main text
• you cite the source of this text.

It is not sufficient merely to add a citation for the source of copied material following the copied material (typically the end of a paragraph). You must include the copied material in quotation marks. … Ignorance … is no defence.’ (ibid, pp. 15 )

(‘Ibid’ means ‘same as the previous citation’.)

Your university may use sophisticated plagiarism-detection software. Markers may also report if the paper looks suspect

Before final submission, they may ask you to go over your draft and sign that you understand the contents and you have demonstrated that the work is your own.

Not being in touch with your supervisor may put you under suspicion.

Your university may give a Viva Voce oral exam if your work is under suspicion. It is a cool-sounding word but probably something you want to avoid.

Your university may store your work in its our database, and can pursue disciplinary action, even after you have graduated.

Penalties may be severe, including failure with no opportunity to retake the module (course). You may even risk your degree!

Comprehension questions; answers in footnotes

True or false: “If you do not directly quote a paper you do not need to cite it” 9

You should read and cite a paper (choose all that are correct)… 10

• If it motivates ‘why your question is interesting’ and how it can be modeled economically
• Only if it asks the same question as your paper
• Only if it is dealing with the same country/industry/etc as you are addressing
• If it has any connection to your topic, question, or related matters
• If it answers a similar question as your paper
• If it uses and discusses techniques that inform those you are using

4.8 How to write about previous authors’ analysis and findings

Use the right terminology.

“Johnson et al. (2000) provide an analytical framework that sheds substantial doubt on that belief. When trying to obtain a correlation between institutional efficiency and wealth per capita, they are left with largely inconclusive results.”

They are not trying to “obtain a correlation”; they are trying to measure the relationship and test hypotheses.

“Findings”: Critically examine sources

Don’t take everything that is in print (or written online) as gospel truth. Be skeptical and carefully evaluate the arguments and evidence presented. Try to really survey what has been written, to consider the range of opinions and the preponderance of the evidence. You also need to be careful to distinguish between “real research” and propaganda or press releases.

The returns to higher education in Atlantis are extremely high. For the majority of Atlanian students a university degree has increased their lifetime income by over 50%, as reported in the “Benefits of Higher Education” report put out by the Association of Atlantian Universities (2016).

But don’t be harsh without explanation:

Smith (2014) found a return to education in Atlantis exceeding 50%. This result is unlikely to be true because the study was not a very good one.

“Findings:” “They Proved”

A theoretical economic model can not really prove anything about the real world; they typically rely on strong simplifying assumptions.

Through their economic model, they prove that as long as elites have incentives to invest in de facto power, through lobbying or corruption for example, they will invest as much as possible in order to gain favourable conditions in the future for their businesses.

In their two period model, which assumes \[details of key assumptions here\] , they find that when an elite Agent has an incentive to invest in de facto power, he invests a strictly positive amount, up to the point where marginal benefit equals marginal cost”

Empirical work does not “prove” anything (nor does it claim to).

It relies on statistical inference under specific assumptions, and an intuitive sense that evidence from one situation is likely to apply to other situations.

“As Smith et al (1999) proved using data from the 1910-1920 Scandanavian stock exchange, equity prices always increase in response to reductions in corporate tax rates.”

“Smith et al (199) estimated a VAR regression for a dynamic CAP model using data from the 1910-1920 Scandanavian stock exchange. They found a strongly statistically significant negative coefficient on corporate tax rates. This suggests that such taxes may have a negative effect on publicly traded securities. However, as their data was from a limited period with several simultaneous changes in policy, and their results are not robust to \[something here\] , further evidence is needed on this question.”

Use the language of classical 11 statistics:

Hypothesis testing, statistical significance, robustness checks, magnitudes of effects, confidence intervals.

Note that generalisation outside the data depends on an intuitive sense that evidence from one situation is likely to apply to other situations.

“Findings”: How do you (or the cited paper) claim to identify a causal relationship?

This policy was explained by Smith and Johnson (2002) in their research on subsidies and redistribution in higher education. Their results showed that people with higher degree have higher salaries and so pay higher taxes. Thus subsidizing higher education leads to a large social gain.

The results the student discusses seem to show an association between higher degrees and higher salaries. The student seems to imply that the education itself led to higher salaries. This has not been shown by the cited paper. Perhaps people who were able to get into higher education would earn higher salaries anyway. There are ways economists used to try to identify a “causal effect” (by the way, this widely used term is redundant as all effects must have a cause), but a mere association between two variables is not enough

As inflation was systematically lower during periods of recession, we see that too low a level of inflation increases unemployment.

Economists have long debated the nature of this “Phillips curve” relationship. There is much work trying to determine whether the association (to the extent it exists) is a causal one. We could not rule out reverse causality, or third factor that might cause changes in both variables.

4.9 …Stating empirical results

Don’t write: “I accept the null hypothesis.”

Do write: “The results fail to reject the null hypothesis, in spite of a large sample size and an estimate with small standard errors” (if this is the case)

Note: The question of what to infer from acceptance/rejection of null hypotheses is a complex difficult one in Classical (as opposed to Bayesian) statistics. This difficulty is in part philosophical: classical hypothesis testing is deductive , while inference is necessarily inductive.

4.10 What to report

You need to read this paper more clearly; it is not clear what they conclude nor what their evidence is.

4.11 Organising your literature review

A common marking comment:

These papers seem to be discussed in random order – you need some structure organising these papers thematically, by finding, by technique, or chronologically perhaps.

How should you organise it? In what order?

Thematically (usually better)

By method, by theoretical framework, by results or assumptions, by field

Chronologically (perhaps within themes)

Exercise: Compare how the literature review section is organized in papers you are reading.

Figure 4.4: Organising a set of references

Q: What sort of structure am I using in the above outline?

It may also be helpful to make a ‘table’ of the relevant literature, as in the figure below. This will help you get a sense of the methods and results, and how the papers relate, and how to assess the evidence. You may end up putting this in the actual paper.

Figure 4.5: Organisational table from Reinstein and Riener, 2012b

4.12 What if you have trouble reading and understanding a paper?

Consult a survey paper, textbook, or lecture notes that discuss this paper and this topic

Try to find an easier related paper

Ask your supervisor for help; if he or she can

Try to understand what you can; do not try to “fake it”

4.13 Some literature survey do’s and don’ts

Do not cite irrelevant literature.

Do not merely list all the papers you could find.

Discuss them, and their relevance to your paper.

What are their strengths and weaknesses? What techniques do they use, and what assumptions do they rely on? How do they relate to each other?

Use correct citation formats.

Try to find original sources (don’t just cite a web link).

Don’t just cut and paste from other sources. And make sure to attribute every source and every quote. Be clear: which part of your paper is your own work and what is cited from others? The penalties for plagiarism can be severe!

• Critically examine the sources, arguments, and methods

4.14 Comprehension questions: literature review

How to discuss empirical results: “Causal” estimation, e.g., with Instrumental Variables

Which is the best way to state it? 12

“As I prove in table 2, more lawyers lead to slower growth (as demonstrated by the regression analysis evidence).”

“Table 2 provides evidence that a high share of lawyers in a city’s population leads to slower growth.”

3.“Table 2 shows that a high share of lawyers in a city’s population is correlated with slower growth.”

Which is better? 13

• “However, when a set of observable determinants of city growth (such as Census Region growth) are accounted for, the estimate of this effect becomes less precise.”
• “In the correct regression I control for all determinants of city growth and find that there is no effect of lawyers on growth”

Stating empirical results: descriptive

“Using the US data from 1850-1950, I find that inflation is lower during periods of recession. This is statistically significant in a t-test [or whatever test] at the 99% level, and the difference is economically meaningful. This is consistent with the theory of …, which predicts that lower inflation increases unemployment. However, other explanations are possible, including reverse causality, and unmeasured covarying lags and trends.”

“I find a significantly lower level of inflation during periods of recession, and the difference is economically meaningful. This relationship is statistically significant and the data is accurately measured. Thus I find that inflation increases unemployment.”

Some tips on writing a good paper– relevant to literature reviews

• Answer the question
• Provide clear structure and signposting
• Demonstrate an ability for critical analysis
• Refer to your sources
• Produce a coherent, clear argument
• Take time to proofread for style and expresssion
• Source “Assignment Writing Skills EBS 3rd year 2012”"

Answer: only b is a ‘peer reviewed article in a reputable economics journal’. All of these might be useful to cite, however. ↩

False. You need to cite any content and ideas that are not your own. ↩

Answers: 1, 5, and 6. Note that 2 and 3 are too narrow criteria, and 4 is too broad. ↩

or Bayesian if you like ↩

The second one; if this is really causal evidence. ↩

The first one. There is no ‘correct regression’. It is also not really correct in classical statistics to ‘find no effect’. ↩

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What is a literature review.

A literature review is a narrative compilation of selected academic sources related to your topic. Lit reviews describe the research you have studied and develop in your reason for the study, as well as provide criticism of past research. The end result should be a narrative showing the inherent need for your research in the field. Grounding your intended research in the current movements of the field will provide you with evidence of trends on where the field is headed. It also offers you the snapshot of the methodologies used in those studies. You can see what questions are being asked and find answers based on differing approaches to the topic.

An ideal literature review serves two purposes in your study. It strengthens your thesis and justifies your research question. By providing a critical summary of foundational and contemporary research on the topic, a literature review can show readers how your research fills important knowledge gaps. Pinpointing the other work in the field can show the unique perspective your study will provide. It can also offer a thoughtful critique of existing work that shows your full understanding of the opportunities and obstacles in your discipline.

Do not confuse it with:

• an  Annotated Bibliography , which lists citations to books, articles and documents, followed by a brief descriptive and evaluative paragraph;
• a Book Review , a short, critical discussion about the merits and weaknesses of a specific work;
• or a Business Report , which provides analysis of a situation, either a real one or from a case study, applyng business principles and theories to identify a range of possible solutions to a problem. 

Why a Literature Review?

To demonstrate that you can:

• effectively use research methods to collect and curate information that is useful in answering significant questions;
• foster the ability to make decisions based on rigorous evidence;
• effectively communicate research results in a written form;
• develop the discipline to work with autonomy;
• understand the value, purpose, and methodologies of insightful research.

Purpose of a literature review from Academic Research Foundations: Quantitative by Rolin Moe

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Up: Home : Doing a Dissertation in Economics > Doing it > Literature Review

• Literature Review

A literature review establishes where your dissertation ‘fits in’ to the existing body of knowledge.

However, many academic papers have very brief literature reviews, and sometimes they are confined to the introduction rather than being a separate section in their own right.

You may want to follow this route – or you may decide to omit the literature review entirely. But many students normally spend some time making a separate section in which they discuss the existing literature.

Why do one?

Because a literature review allows you to demonstrate, in essay format, that you understand and can analyse the existing literature. The literature review allows you to answer the implicit question ‘What is the existing state of knowledge on this topic?’, and answer it in such a way that introduces any other work that you are doing.

The other key reason for doing a literature review is that it forces you to organise your thoughts. This can often make any theoretical or empirical work you do in other sections clearer, as you understand the topic more thoroughly.

How do I do one?

When researching your dissertation, it is not uncommon to read 20-30 journal articles. These will form the basis of discussion in any literature review. As you will probably have to read some articles anyway, the reading burden is not excessive.

Identifying which articles are important is a stumbling block. Asking members of your department or supervisors for key readings can get you started. Remember that your university library will likely have many electronic journals and databases in which you can search for papers. Databases such as Econlit are helpful, although they might miss some important contributions as they depend on how you phrase your search. Once you have a few recent papers you can normally use the bibliography to steer you towards further readings.

Of course, as well as reading the articles, you need to demonstrate that you understand them. The section ‘ Effective Reading ‘ can help – in particular, many students waste time trying to understand overly complex and irrelevant journal articles. Being selective, and understanding what is important, can save huge amounts of time and angst.

The next step is planning what you are going to write. As discussed in the ‘ Essay Writing ‘ section you might want to organise the section thematically.

Themes (sub-sections) might be different theories which try to explain a phenomenon, or they might discuss how the debate has evolved.

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Doing a Literature Review

I.  What is a Literature Review? The purpose of a review is to analyze critically a segment of a published body of knowledge through summary, classification, and comparison of prior research studies. It can be a simple summary of the sources, but it usually has an organizational pattern, combining both summary and synthesis.

• Review of the Literature (Wisconsin)
• Systematic Literature Review vs Narrative Reviews
• Get Lit: the Literature Review Candace Schaefer in the Texas A&M University Writing Center.

III.  What Major Steps and Basic Elements Literature Reviews Require?

• Overview of the subject, issue or theory under consideration, along with the objectives of literature review
• Perform a literature review, finding materials relevant to the subject being explored
• Division of works under review into categories (e.g. those in support of a particular position, those against, etc)
• Explanation of how each work is similar to and how it varies from the others
• Conclusions as to which pieces are best considered in their argument, are most convincing of their opinions, and make the greatest contribution to the understanding and development of their area of research
• Write a Lit Review (UCSC)

IV.    Which Citation Tool Are You Going to Use to Manage the Literature Sources? Choose your citation tool before conducing your literature reviews.  There are a number of choices, including following software supported by the Libraries and the University:

• RefWorks Available at no cost to Texas A&M affiliates.
• EndNote Available for free through a campus-wide site license.

Cited Reference Searching

Cited references are the sources consulted in writing an article or a book, often referred to within the text of the work. A list of cited references may appear as Bibliographic Notes, Footnotes or Endnotes, References, List of Sources Cited or Consulted. In order for an article to be cited, it needs to have been published for a long enough period of time for another published article, citing it to appear.

These listings can be helpful in a number of ways:

• Finding an article on a relevant topic and accumulating similar helpful resources
• Following a specific idea or theory back to its first appearance in the literature
• Finding articles that build on a specific theory or the most recent article on a topic
• Identifying experts or leaders on a specific topic
• Documenting scholarly reputation and impact for tenure and promotion

The cited reference databases are efficient in pulling together many articles on a topic with their references and in identifying which articles on a topic have been cited most frequently.  They can also help identify the “top” journals in a field by impact factor, which may be useful for assessing them.

• Web of Science This link opens in a new window covers the world’s leading scholarly literature in the sciences, social sciences, arts, and humanities and examines proceedings of international conferences, symposia, seminars, colloquia, workshops, and conventions. It also includes cited references and citation mapping functions.

Searches can be done by:

• Title or Topic
•  Author or Editor – The Author Finder tool includes variations on an author’s name
• Journal or Publication Name
• Grant Name or Funding Agency
• Limited by year, Language, Document Type 

The citation of the article  will be retrieved with its references as well as the number of times cited and by whom.

You can refine your search results by subject area, useful when there is more than one author with the same name, or by document type.  You can see the number of articles in your set contributed by particular authors and institutions and can create a citation report to identify which articles in your results have been cited the most.

You can easily export your results to bibliographic software like EndNote or RefWorks.

Articles can be searched by:

• Abstract word or keyword
• Source or journal
• Author (by name or by affiliation)
• Limit by date or document type

The database allows accounts to be set up and can save search alerts and journals lists.  Scopus also provides journal analytics including data and graphs to illustrate the total citations, articles published, trend line and % not cited over time.  It has the ability to exclude self-citations.

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ECO 495: Senior Economic Project: Literature Review

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Definition of Literature Reviews

A literature review surveys books, scholarly articles, and any other sources relevant to your research topic or thesis statement. It should provide a theoretical summary or critical evaluation of these scholarly works. You will need to analyze, evaluate , and s ynthesize the research that you’ve found on your topic. A literature review should give context to your thesis and, if possible, reveal any gaps in current literature. 

5 Steps for completing your Literature Review

• Look at other literature reviews
• Choose a topic that interests you
• This is important to do otherwise the literature you find will be too massive 
• You can look for books using the Library Search
• ​Preferably in EconLit
• Find sources from the reference papers that relate to your topic
• Search for those items by typing in the titles in the University Libraries “ Find It ” box
• I recommend keeping notes with Evernote because it is Open Source and once you create an account you can access it from any device
• I recommend Zotero , again it is Open Source and accessible from anywhere
• Once you've collected, read, noted, and saved your citations and resources you should begin to see patterns
• ​​Skim your notes to sort out themes (methodologies, data, results, etc.) 
• Does a topic develop over time 
• Do authors agree with each other or disagree on methodology or conclusions
• What strengths or weaknesses did you find in the literature
• Don't forget that you're trying to relate this literature to the story you wish to tell and you may find some of your articles fall out of your scope--make note of that to determine whether to mention them or not--talk to your professor about out of scope titles
• Make an outline or structural form of your review
• Remember your audience when writing
• Avoid too much jargon
• ​Be concise; don't go off on tangents; stay focused on your thesis statement
• Your purpose for writing the review
• Overview of the problem
• What is the scope of your review
• Talk about the amount of literature you found
• Chronological order
• Advancements of theories 
• Questions related to topic
• Summarize your findings
• Expose gaps in knowledge
• Provide a rationale for future research
• References in APA style

What is in a Literature Review?

A literature review may consist of simply a summary of key sources, but i t usually has an organizational pattern and combines both summary and synthesis , often within specific conceptual categories. 

• A summary is a recap of the important information of the source
• A synthesis is a re-organization, or a reshuffling, of that information in a way that informs how you are planning to investigate a research problem.

What is the purpose of a literature review?

• To demonstrate to your readers what you know about your topic
• To bring your readers up-to-date and fill them in on what has been published on your topic
• To allow you a better understanding of your topic

Lit. Review, How-to videos

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