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The role of econometrics in economic science: An essay about the monopolization of economic methodology by econometric methods

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  • Pinto, Hugo

Abstract

Econometrics is seen as the dominant method in terms of applicability, accuracy and efficiency in economic science. It is widely used and other methods have been reduced to marginal contributions. Econometricians behave as if their techniques were universal when in fact they are not. If alternative methods are accepted, one can largely eliminate the restrictions and distance to reality of econometrics. The article debates the pathways for a satisfactory economics in a context where theoretical and methodological pluralism is entering even in mainstream ideas. The historical construction of econometrics as the main method in economics and the limitations and possibilities of this tool are explored, underlining the need of pluralism.

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File URL: http://www.sciencedirect.com/science/article/pii/S1053535711000424
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Bibliographic Info

Article provided by Elsevier in its journal Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics).

Volume (Year): 40 (2011)
Issue (Month): 4 (August)
Pages: 436-443

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Handle: RePEc:eee:soceco:v:40:y:2011:i:4:p:436-443

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Web page: http://www.elsevier.com/locate/inca/620175

Related research

Keywords: Econometrics Economics Methodology Pluralism Orthodoxy;

References

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  2. Lutkepohl, Helmut, 2007. "General-to-specific or specific-to-general modelling? An opinion on current econometric terminology," Journal of Econometrics, Elsevier, vol. 136(1), pages 319-324, January.
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  8. Tony Lawson, 2009. "The current economic crisis: its nature and the course of academic economics," Cambridge Journal of Economics, Oxford University Press, vol. 33(4), pages 759-777, July.
  9. Engle, Robert F & Granger, Clive W J, 1987. "Co-integration and Error Correction: Representation, Estimation, and Testing," Econometrica, Econometric Society, vol. 55(2), pages 251-76, March.
  10. Hendry, David F, 1980. "Econometrics-Alchemy or Science?," Economica, London School of Economics and Political Science, vol. 47(188), pages 387-406, November.
  11. Tom Engsted, 2009. "Statistical vs. economic significance in economics and econometrics: further comments on McCloskey and Ziliak," Journal of Economic Methodology, Taylor & Francis Journals, vol. 16(4), pages 393-408.
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