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Proxies in the New Political Economy: Caveat Emptor

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Author Info
John R. Hanson
Abstract

Some common professional criteria for evaluating econometric tests that use proxies for political, social, and institutional variables as regressors may lull scholars into a false sense of security about specious results. The highly publicized correlations between income and economic freedom based on the economic freedom indexes supplied by the Fraser Institute, Heritage Foundation, and Freedom House are used as illustrations. Because these correlations bear strong resemblances to one another, most economists would consider them mutually supportive. Yet this is not so, implying that mutual resemblance and consistency are not criteria for judging econometric results. (JEL B49, C19) Copyright 2003, Oxford University Press.

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File URL: http://hdl.handle.net/10.1093/ei/cbg033
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Publisher Info
Article provided by Oxford University Press in its journal Economic Inquiry.

Volume (Year): 41 (2003)
Issue (Month): 4 (October)
Pages: 639-646
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Handle: RePEc:oup:ecinqu:v:41:y:2003:i:4:p:639-646

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Find related papers by JEL classification:
B49 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Other
C19 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: General - - - Other

Cited by:
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  1. Heckelman, Jac & Knack, Stephen, 2005. "Foreign aid and market-liberalizing reform," Policy Research Working Paper Series 3557, The World Bank. [Downloadable!]
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