Well the point was about students not researchers afaict.
There's a difference between Harvard (or any powerful equivalent) the research establishment and Harvard the school for training America's new elite.
Most of the economics students I know (especially the Harvard ones) would not surprise the PC at all.
As a subject it doesn't attract particularly serious people.
Those are research papers. But these kinds of case studies aren't unusual at the undergrad level even at state schools. The rubric and results are not as in-depth or built out as published research. Usually the question for these exercises or papers are built on research publications so the professors have answers to grade yours against.
[1] https://drodrik.scholar.harvard.edu/research-papers
[2] https://drodrik.scholar.harvard.edu/sites/scholar.harvard.ed...