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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... economists of the work of philosophers of science , and especially the work of Sir Karl Popper . Indeed , the ' methodology of econometrics ' is perhaps easiest understood and approached through the perspective of the sophisticated ...
... economists must call on an ability to describe and communicate uncertainty in a non - repeatable environment . As Hicks ( 1979 ) remarked : " The probabilities of " states of the world " that are formally used by economists .. cannot be ...
... economists that : ' [ they ] are like highly trained athletes , who never run a race [ Samuelson ( 1947 ) ] ' , and argued that the remark could be fairly made about some econometricians who are ' engaged in .. . making a marvellous ...
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