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Methodological mistakes and econometric consequences

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  • Zaman, Asad

Abstract

Econometric Methodology is based on logical positivist principles. Since logical positivism has collapsed, it is necessary to re-think these foundations. We show that positivist methodology has led econometricians to a meaningless search for patterns in the data. An alternative methodology which relates observed patterns to real causal structures is proposed

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File URL: http://mpra.ub.uni-muenchen.de/41032/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 41032.

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Date of creation: 30 Aug 2012
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Publication status: Published in International Econometric Review 2.4(2012): pp. 99-122
Handle: RePEc:pra:mprapa:41032

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Keywords: Econometric Methodology; logical positivism; realism; causality; VAR models; Forecasting; surprise; goodness of fit;

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  1. Atiq-ur-Rehman, 2011. "Impact of Model Specification Decisions on Unit Root Tests," International Econometric Review (IER), Econometric Research Association, Econometric Research Association, vol. 3(2), pages 22-33, September.
  2. Zaman, Asad, 2008. "Causal Relations via Econometrics," MPRA Paper 10128, University Library of Munich, Germany.
  3. Leamer, Edward E, 1983. "Let's Take the Con Out of Econometrics," American Economic Review, American Economic Association, American Economic Association, vol. 73(1), pages 31-43, March.
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Cited by:
  1. Mehmood, Sultan, 2013. "Terrorism and the macroeconomy: Evidence from Pakistan," MPRA Paper 44546, University Library of Munich, Germany.

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