[OPE-L:6202] Re: Re: Re: Fw: econometrics

From: Patrick L. Mason (pmason@garnet.acns.fsu.edu)
Date: Mon Nov 19 2001 - 10:50:18 EST

Historically, it was Keynesian and institutional economics that gave rise 
to the intensive use of econometrics and statistical collection. In more 
recent times, i.e., post mid-1960s, neoclassicals have designed many large 
data sets, e.g., the panel study on income dynamics is essentially a 
dataset designed to test the predictions the predictions of human capital 

Evolutionary game theory can certainly be combined with both econometrics 
and Marxian analysis. I have working paper that does this.

No statistical procedure can be used to settle a theoretical debate. Theory 
"proves" or "disproves." All statistical analysis can do is affirm or 
disaffirm the expected correlations, or the substantive and statistical 
significance of a particular correlation.

peace, patrick

At 11:37 PM 11/18/01 -0500, you wrote:
>On Sun, 18 Nov 2001, michael perelman wrote:
> > I tried to show one of the problems with Marxian econometrics.
> >
> > www.ucm.es/wwwboard/bas/messages/246.htm
>Eh?  This is Spanish-language get-rich-quick Internet spam.  What is
>the relevance?
>Like Patrick, I think econometrics is not really optional.  In the
>broad sense (that used by the founders of the Econometric Society in
>the 1930s) econometrics is simply quantitative economic analysis.  In
>the somewhat narrower sense that the term 'econometrics' has acquired
>since WWII, it is quantitative analysis based on probability theory,
>or more specifically the theory of statistical inference as elaborated
>by Bayes, Neyman and Pearson, and R.A. Fisher (there are differences
>between these three approaches but modern econometrics comprises them
>all).  I don't say that these theories are beyond question, but in the
>last half-century nobody has proposed any alternative paradigm for
>testing/quantifying theory against non-experimental data.  They are,
>collectively, the only game in town.
>I don't see any inherent connection between neoclassical economic
>theory and econometrics.  They just "happen to go together" in that
>neoclassical theory has been dominant in the period since econometrics
>came to maturity; it has therefore provided most of the hypotheses
>that econometricians have wanted to test.
>Jerry mentioned some "other approaches" to quantitative analysis,
>including input-output analysis and "chaos theory".  These are of
>interest but they are not in competition with econometrics; they are
>both theoretical frameworks rather than methodologies for empirical
>analysis as such.
>Allin Cottrell.

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