The Limits of EconometricsEconometric issues have provoked a lively and sometimes adversarial debate in the economics profession. The excitement and intellectual vitality of that debate is captured here for the reader in a lucid overview of econometric approaches, describing their advantages and limitations. This ambitious book focuses on the underlying methodological issues rather than concentrating upon econometric techniques. The limits of econometric investigations are identified through a critical appraisal of three different approaches associated with the work of Professors Hendry, Leamer and Sims. After explaining why the early optimism in econometrics was misplaced, it argues that rejection is not an appropriate response. It offers a rich spectrum of approaches to a problem of central importance in the development of modern economics. The book will appeal not only to all econometricians whatever their persuasion but also to all those with an interest in the methodology of economics. |
From inside the book
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... already engaged in public ' soul searching ' : see for example Orcutt ( 1952 ) and the comments by Koopmans , Tinbergen and Georgescu - Roegen which follow this paper . 5 . 6 . 7 . 8 . 9 . Econometrics and Positive Economics 53.
... Koopmans presented the view in a 1945 conference paper : .... The study of an equation system derives its sense from the postulate that there exists one and only one representation in which each equation corresponds to a specific law of ...
... Koopmans , T. and Hood , W. ( eds ) Studies in Econometric Method , Cowles Commis- sion Monograph 14 , New Haven , Yale University Press , 49–74 . Sims , C.A. ( 1972 ) ' Money , income and causality ' , American Economic Review , 62 ...
Contents
ECONOMICS DATA AND PROBABILITY | 3 |
Subjective probability | 10 |
The interpretation of the error as a white noise term | 18 |
Copyright | |
14 other sections not shown