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Introduction

In: Econometrics and the Philosophy of Economics: Theory-Data Confrontations in Economics

Author

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  • Bernt P. Stigum

    (University of Oslo)

Abstract

This is a book about econometrics and the philosophy of economics, two topics that seem worlds apart. Econometrics is a study of good and bad ways to measure economic relations. Philosophy is a study of the nature of things and the principles governing human behavior. And the philosophy of economics is a study that searches for truth and knowledge about the part of reality that pertains to economic matters. This book will show that in economic theory-data confrontations the two topics are inextricably conjoined. Meaningful applied econometrics requires proper understanding of the purport of economic theory, and empirically relevant economic theorizing requires knowledge of the power of applied econometrics.

Suggested Citation

  • Bernt P. Stigum, 2015. "Introduction," Introductory Chapters, in: Econometrics and the Philosophy of Economics: Theory-Data Confrontations in Economics, Princeton University Press.
    • Handle: RePEc:pup:chapts:7516-1
    as

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    References listed on IDEAS

    as
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    4. Granger,Clive W. J., 1999. "Empirical Modeling in Economics," Cambridge Books, Cambridge University Press, number 9780521662086.
    5. Milton Friedman, 1957. "A Theory of the Consumption Function," NBER Books, National Bureau of Economic Research, Inc, number frie57-1, May.
    6. Hendry, David F., 1995. "Dynamic Econometrics," OUP Catalogue, Oxford University Press, number 9780198283164.
    7. Granger, C W J, 1969. "Investigating Causal Relations by Econometric Models and Cross-Spectral Methods," Econometrica, Econometric Society, vol. 37(3), pages 424-438, July.
    8. Janssen, Maarten C. W. & Tan, Yao-Hua, 1992. "Friedman's Permanent Income Hypothesis as an Example of Diagnostic Reasoning," Economics and Philosophy, Cambridge University Press, vol. 8(1), pages 23-46, April.
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    10. Adrian R Pagan & Anthony D Hall, 1983. "Diagnostic tests as residual analysis," Published Paper Series 1983-1, Finance Discipline Group, UTS Business School, University of Technology, Sydney.
    11. Hausman,Daniel M., 1992. "The Inexact and Separate Science of Economics," Cambridge Books, Cambridge University Press, number 9780521425230, December.
    12. Hansen, Lars Peter & Singleton, Kenneth J, 1982. "Generalized Instrumental Variables Estimation of Nonlinear Rational Expectations Models," Econometrica, Econometric Society, vol. 50(5), pages 1269-1286, September.
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