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Methodological institutionalism as a transformation of structural econometrics

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  • Marcel Boumans

Abstract

I agree with Nell and Errouaki that an econometrics based on neoclassical economic theory fails to develop any insight into deep structures. But my methodology differs slightly from theirs because of my view that an econometrics based on any economic theory would fail in this sense. Economics is an inexact science, incapable of providing a complete set of causal factors to explain any economic phenomenon. I arrive at a different call for more fieldwork in econometrics due to a somewhat different reading of the criticisms of Trygve Haavelmo, Wassily Leontief, the young Tjalling Koopmans and Oskar Morgenstern. These economists not only shared the idea that economic structure is different in nature from natural laws and that statistical analysis alone is not enough to arrive at knowledge of this structure, but also that economic theory as an additional source of knowledge would not be sufficient either. Another additional source of knowledge is needed—that is, field expertise.

Suggested Citation

  • Marcel Boumans, 2016. "Methodological institutionalism as a transformation of structural econometrics," Review of Political Economy, Taylor & Francis Journals, vol. 28(3), pages 417-425, July.
    • Handle: RePEc:taf:revpoe:v:28:y:2016:i:3:p:417-425
    DOI: 10.1080/09538259.2016.1154752
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    References listed on IDEAS

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    1. Marcel Boumans, 2014. "Haavelmo’s Epistemology for an Inexact Science," History of Political Economy, Duke University Press, vol. 46(2), pages 211-229, Summer.
    2. Carter, Anne P. & Petri, Peter A., 1989. "Leontief's contribution to economics," Journal of Policy Modeling, Elsevier, vol. 11(1), pages 7-30.
    3. Tjalling Koopmans, 1941. "The Logic of Econometric Business-Cycle Research," Journal of Political Economy, University of Chicago Press, vol. 49(2), pages 157-157.
    4. Franses, Philip Hans, 2008. "Merging models and experts," International Journal of Forecasting, Elsevier, vol. 24(1), pages 31-33.
    5. Arthur W. Marget, 1929. "Morgenstern on the Methodology of Economic Forecasting," Journal of Political Economy, University of Chicago Press, vol. 37(3), pages 312-312.
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    Cited by:

    1. Vincent Carret, 2022. "Understanding the bitterness of Wassily Leontief: Postwar success and failures of input-output techniques," Working Papers halshs-03603527, HAL.
    2. Vincent Carret, 2022. "Investment Planning and the Input-Output Model in Postwar Europe," Working Papers hal-03895580, HAL.

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