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Can econometric analysis make (agricultural) economics a hard science? Critical remarks and implications for economic methodology

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  • Petrick, Martin

Abstract

This paper argues that mainstream economics does not follow the positivist research tradition it (often implicitly) claims to follow and expresses some serious doubt that econometrics in particular can make economics a hard science. Mathematical rigour and sophisticated statistical techniques may be regarded as persuasive analytical tools in economics, but their mere application does not guarantee good research practice. The paper outlines an alternative methodological view of pragmatic instrumentalism in which the well known tools of economic analysis can find a new place. Instead of relying on a narrow rule that purports to produce universal truth, this view encourages to increase the target area for questioning and probing. Much more attention is paid to the communicative aspects of scientific methodology - in which terms an analysis is framed, and under what conditions, to whom, by whom, and by which means it is articulated.

Suggested Citation

  • Petrick, Martin, 2004. "Can econometric analysis make (agricultural) economics a hard science? Critical remarks and implications for economic methodology," IAMO Discussion Papers 62, Leibniz Institute of Agricultural Development in Transition Economies (IAMO).
  • Handle: RePEc:zbw:iamodp:14911
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    References listed on IDEAS

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    1. Frohberg, Klaus & Hartmann, Monika, 1997. "Comparing measures of competitiveness," IAMO Discussion Papers 2, Leibniz Institute of Agricultural Development in Transition Economies (IAMO).
    2. Brandes, Wilhelm, 1989. "On the Limitations of Armchair Economics: Some Views of an Armchair Agricultural Economist," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 16(3), pages 319-343.
    3. Mayer, Thomas, 1980. "Economics as a Hard Science: Realistic Goal or Wishful Thinking?," Economic Inquiry, Western Economic Association International, vol. 18(2), pages 165-178, April.
    4. McCloskey, Donald N, 1983. "The Rhetoric of Economics," Journal of Economic Literature, American Economic Association, vol. 21(2), pages 481-517, June.
    5. Hanf, Claus-Henning, 1997. "Agricultural Economics in Europe: A Thriving Science for a Shrinking Sector?," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 24(3-4), pages 565-578.
    6. Frohberg, Klaus & Hartmann, Monika, 1997. "Promoting CEA agricultural exports through association agreements with the EU: why it is not working," IAMO Discussion Papers 1, Leibniz Institute of Agricultural Development in Transition Economies (IAMO).
    7. Leontief, Wassily, 1971. "Theoretical Assumptions and Nonobserved Facts," American Economic Review, American Economic Association, vol. 61(1), pages 1-7, March.
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    Cited by:

    1. Castro Campos, Bente, 2013. "Human capital differences or labor market discrimination? The occupational outcomes of ethnic minorities in rural Guizhou (China)," Studies on the Agricultural and Food Sector in Transition Economies, Leibniz Institute of Agricultural Development in Transition Economies (IAMO), volume 73, number 73.

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    More about this item

    Keywords

    Methoden der Wirtschaftswissenschaften; Ökonometrie; Wissenschaftstheorie; pragmatischer Instrumentalismus; economic method; econometrics; philosophy of science; pragmatic instrumentalism;
    All these keywords.

    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • C10 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - General

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