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Probability, Econometrics and Truth

Probability, Econometrics and Truth The Methodology of Econometrics

Paperback (11 Feb 2006)

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Publisher's Synopsis

When John Maynard Keynes likened Jan Tinbergen's early work in econometrics to black magic and alchemy, he was expressing a widely held view of a new discipline. However, even after half a century of practical work and theorizing by some of the most accomplished social scientists, Keynes' comments are still repeated today. This book assesses the foundations and development of econometrics and sets out a basis for the reconstruction of the foundations of econometric inference by examining the various interpretations of probability theory which underlie econometrics. Keuzenkamp claims that the probabilistic foundations of econometrics are weak, and although econometric inferences may yield interesting knowledge, claims to be able to falsify or verify economic theories are unwarranted. Methodological falsificationism in econometrics is an illusion. Instead, it is argued, econometrics should locate itself in the tradition of positivism.

About the Publisher

Cambridge University Press

Cambridge University Press dates from 1534 and is part of the University of Cambridge. We further the University's mission by disseminating knowledge in the pursuit of education, learning and research at the highest international levels of excellence.

Book information

ISBN: 9780521029735
Publisher: Cambridge University Press
Imprint: Cambridge University Press
Pub date:
DEWEY: 330.015195
DEWEY edition: 22
Language: English
Number of pages: 312
Weight: 483g
Height: 228mm
Width: 152mm
Spine width: 20mm