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Probability Econometrics And Truth

Author: Hugo A. Keuzenkamp
Publisher: Cambridge University Press
ISBN: 9781139431040
Size: 60.24 MB
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When John Maynard Keynes likened Jan Tinbergen's early work in econometrics to black magic and alchemy, he was expressing a widely held view of a new discipline. However, even after half a century of practical work and theorizing by some of the most accomplished social scientists, Keynes' comments are still repeated today. This book assesses the foundations and development of econometrics and sets out a basis for the reconstruction of the foundations of econometric inference by examining the various interpretations of probability theory which underlie econometrics. Keuzenkamp claims that the probabilistic foundations of econometrics are weak, and although econometric inferences may yield interesting knowledge, claims to be able to falsify or verify economic theories are unwarranted. Methodological falsificationism in econometrics is an illusion. Instead, it is argued, econometrics should locate itself in the tradition of positivism.

Econometrics As A Con Art

Author: Imad A. Moosa
Publisher: Edward Elgar Publishing
ISBN: 1785369954
Size: 77.83 MB
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Imad Moosa challenges convention with this comprehensive and compelling critique of econometrics, condemning the common practices of misapplied statistical methods in both economics and finance.

The Oxford Handbook Of Post Keynesian Economics Volume 1

Author: G. C. Harcourt
Publisher: Oxford University Press
ISBN: 019935930X
Size: 71.54 MB
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This two volume Handbook contains chapters on the main areas to which Post-Keynesians have made sustained and important contributions. These include theories of accumulation, distribution, pricing, money and finance, international trade and capital flows, the environment, methodological issues, criticism of mainstream economics and Post-Keynesian policies. The Introduction outlines what is in the two volumes, in the process placing Post-Keynesian procedures and contributions in appropriate contexts.

Evolvodynamics The Mathematical Theory Of Economic Evolution

Author: Len H. Wallast
Publisher: Springer Science & Business Media
ISBN: 3642340563
Size: 48.38 MB
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Dissatisfied with the flaws of orthodox economics, the author proposes to base economic theory on the three principles of Darwinian evolution (variation, inheritance, selection). Pursuing a suggestion of E.T. Jaynes of 1991, the innovation is in treating economic behavior as chance events of selection. This involves abandoning the methods of mainstream economics and to apply instead the methods by which Claude E. Shannon analyzed information transport over a stationary channel. As economic processes are non-stationary, the author clarifies first how the Shannon-system must be reshaped in a system capable to describe economic evolution mathematically. As economic processes are non-stationary, the author first clarifies how the Shannon system must be reshaped into one capable of describing economic evolutions mathematically. Deriving the universal relations between input, output, the economic growth rate, inflation and money flow involves applying differential sets of selection, Venn diagrams, bitpulses as units of selection and the probability distributions of bitpulses. This is a thought-provocative and highly informative book of which the explanatory power goes far beyond that of traditional economics. It should be on the readers list of everyone concerned with the weal and woe of economic theorizing.

Rational Econometric Man

Author: Edward J. Nell
Publisher: Edward Elgar Publishing
ISBN: 1849809623
Size: 21.60 MB
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•If you are interested in understanding the underlying philosophical reasons why structural econometrics seems dead, read this book. Not only do the authors provide a comprehensive, stimulating, and provocative account of the debate and literature, the

Philosophy Of Economics

Author: Uskali Mäki
Publisher: Elsevier
ISBN: 044451676X
Size: 29.36 MB
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Part of the Handbook of the Philosophy of Science Series edited by: Dov M. Gabbay King's College, London, UK; Paul Thagard University of Waterloo, Canada; and John Woods University of British Columbia, Canada. Philosophy of Economics investigates the foundational concepts and methods of economics, the social science that analyzes the production, distribution and consumption of goods and services. This groundbreaking collection, the most thorough treatment of the philosophy of economics ever published, brings together philosophers, scientists and historians to map out the central topics in the field. The articles are divided into two groups. Chapters in the first group deal with various philosophical issues characteristic of economics in general, including realism and Lakatos, explanation and testing, modeling and mathematics, political ideology and feminist epistemology. Chapters in the second group discuss particular methods, theories and branches of economics, including forecasting and measurement, econometrics and experimentation, rational choice and agency issues, game theory and social choice, behavioral economics and public choice, geographical economics and evolutionary economics, and finally the economics of scientific knowledge. This volume serves as a detailed introduction for those new to the field as well as a rich source of new insights and potential research agendas for those already engaged with the philosophy of economics. Provides a bridge between philosophy and current scientific findings Encourages multi-disciplinary dialogue Covers theory and applications

Toward A Formal Science Of Economics

Author: Bernt P. Stigum
Publisher: MIT Press
ISBN: 9780262192842
Size: 22.82 MB
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Toward a Formal Science of Economics provides a unifying way to look at the conceptof economic science. It lays a foundation for the axiomatic method, focusing on applications ineconomics and econometrics, and including discussions in logic, epistemology, and probabilitytheory. Each chapter deals with a topic of fundamental importance to a rigorous science of economicswhile illustrating an aspect of the axiomatic method.Stigum describes an introductory course inmathematical logic, developing a symbolic language for mathematics and discussing the strengths andweaknesses of the axiomatic method. He presents the standard theory of consumer choice, illustratingdifferent aspects of the use of the axiomatic method and evaluating economic theories of individualbehavior. He takes up problems in the foundations of econometrics and choice under uncertainty andoffers an introduction to nonstandard analysis that leads to discussion of exchange and probabilityin hyperspace. A section on epistemology completes Stigum's construction of a formal unitarymethodological basis for theoretical and empirical science.The last three parts of the book applythese methodological tools to various topics in economics and econometrics including empiricalanalyses of the permanent income hypothesis and consumer choice among risky and nonrisky assets;discussion of determinism, uncertainty, and the utility hypothesis; and study of topics ofimportance to the analysis of economic time series.Bernt P. Stigum is Professor of Economics at theUniversity of Oslo, Norway.