[OPE-L:6214] Re: Re: Re: Re: econometrics

From: Gerald_A_Levy (Gerald_A_Levy@email.msn.com)
Date: Wed Nov 21 2001 - 09:30:24 EST

Re Patrick's [6212]:

> Given an accepted theory, we can then use econometrics (with all of its
> imperfections and artistic subjectivities), simulations, experimental
> data, natural experiments, calibrations, input-output analysis, etc. to
> assess the strength of relationships implied by the accepted theory.

What happens if there is no 'accepted theory'?  One would be hard pressed,
for instance, to state the 'accepted Marxian theory' on <whatever>.

> Rarely, will
> any one study be sufficient to decide theoretical debates, but the hope is
> that a collection of studies employing different approaches and
> assumptions will be sufficient to provide the desired level of
> insight.

Unless there is a 'sufficiently large' collection of studies on the same
issues, then  your 'hope' will not likely be actualized.  Here a practical
matter enters into the picture: there aren't a whole lot of Marxist
economists internationally and a significant percentage of them aren't
engaged in econometric studies.  I'm not sure that we have the
collective resources to get around this problem *even if* we could
come to an agreement about the propositions which we would like
to see empirically tested.

Also on a practical level, given the above, for those Marxists who
do think that econometric studies should be undertaken,  a
preliminary step might be for those Marxians to fist itemize
(i.e. list) those topics where there is a need for econometric
studies on. That would seem to me to be at least an initial
step in the direction of producing the 'collection of studies' that
you hope for.

In solidarity, Jerry

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