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A problem-solving approach to data analysis for economics

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  • Panayotis Giannakouros
  • Lihua Chen

Abstract

Data analysis for formal methods is constrained due to the lengthy dominance of the econometric view within economics. Best practice in statistics suggests a shift in emphasis from making statements about the sampling distribution of numerical data summaries to seeking data summaries that communicate well. The process philosophy perspective informing the original institutionalists and also evident in the tradition of Keynes is amenable to drawing from current developments in the field of statistics toward this goal. Compared to the econometric approach, it emphasizes data analysis over statistical inference, problem- solving over theory testing, and algorithmic over analytic mathematics. In the choice of tools made possible by current technology, it favors general purpose tools that are adaptable. It favors the instrumental efficacy of computational thinking, visualization, exploration, and discovery over the ceremonial aspects of the mathematical rhetoric of economics. It also encourages the attention to ethics and assumptions stressed by statisticians. Our aim is to provide an overview of the philosophical foundation and intellectual history of an alternative to the econometric view and to give some examples of how it might be applied to the data needs of formal methods for social economics.

Suggested Citation

  • Panayotis Giannakouros & Lihua Chen, 2018. "A problem-solving approach to data analysis for economics," Forum for Social Economics, Taylor & Francis Journals, vol. 47(1), pages 87-114, January.
    • Handle: RePEc:taf:fosoec:v:47:y:2018:i:1:p:87-114
    DOI: 10.1080/07360932.2015.1078737
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    References listed on IDEAS

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    1. Daniele Besomi (ed.), 2003. "The Collected Interwar Papers and Correspondence of Roy Harrod," Books, Edward Elgar Publishing, volume 0, number 3068.
    2. Carmen M. Reinhart & Kenneth S. Rogoff, 2014. "This Time is Different: A Panoramic View of Eight Centuries of Financial Crises," Annals of Economics and Finance, Society for AEF, vol. 15(2), pages 215-268, November.
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    4. Yeva Nersisyan & L. Randall Wray, 2010. "Does Excessive Sovereign Debt Really Hurt Growth? A Critique of This Time Is Different, by Reinhart and Rogoff," Economics Working Paper Archive wp_603, Levy Economics Institute.
    5. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "Varieties of Crises and Their Dates," Introductory Chapters, in: This Time Is Different: Eight Centuries of Financial Folly, Princeton University Press.
    6. Hal R. Varian, 2014. "Big Data: New Tricks for Econometrics," Journal of Economic Perspectives, American Economic Association, vol. 28(2), pages 3-28, Spring.
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    Cited by:

    1. Simplice A. Asongu & Nicholas M. Odhiambo, 2021. "Governance and renewable energy consumption in sub-Saharan Africa," Working Papers 21/030, European Xtramile Centre of African Studies (EXCAS).
    2. Eduardo Fernández-Huerga & Ana Pardo & Ana Salvador, 2023. "Compatibility and complementarity between institutional and post-Keynesian economics: a literature review with a particular focus on methodology," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 40(2), pages 413-443, July.
    3. Simplice A. Asongu & Nicholas M.Odhiambo, "undated". "Governance and Renewable Energy Consumption in sub-Saharan Africa," Working Papers AESRIWP11, African Economic and Social Research Institute (AESRI).

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