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9781849801546

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'This book represents a bold and imaginative attempt to reconsider the philosophical foundations of econometrics by reevaluating the Cowles Commission project of the 1940s and its subsequent influence on modern econometrics. The reevaluation is based on the Hollis and Nell (1975) perspective, but refocused on econometrics (instead of economics), and inspired by a novel rereading of Haavelmo's work in econometrics. Irrespective of whether one agrees with the authors' evaluation and their reconstruction of the philosophical foundations of econometrics, the book offers a unique opportunity to commence a serious dialogue on how econometrics can provide sound empirical foundations for economics and what such foundations will amount to. The authors raise several crucial issues pertaining to the current practice of econometrics whose constructive discussion can lead to better empirical modeling practices that can hopefully elucidate how the economy works and how to improve its performance. This reconsideration is timely because despite the impressive technical advances, most of the foundational problems bedeviling current econometric modeling remain largely unresolved.' - Aris Spanos, Virginia Tech, US 'If you are interested in understanding the underlying philosophical reasons why structural econometrics seems dead, read this book. Not only do the authors provide a comprehensive, stimulating, and provocative account of the debate and literature, they also provide insightful suggestions for improving the bridge over the theory-data gap in economics. Their main suggestion that theorists and econometricians should do more fieldwork to improve not only economic theories but also econometric models is a refreshing breeze of intellectual honesty in a world where the relationship between the theorist and the econometrician has grown stale.' - George C. Davis, Virginia Tech, US

This book represents a bold and imaginative attempt to reconsider the philosophical foundations of econometrics by reevaluating the Cowles Commission project of the 1940s and its subsequent influence on modern econometrics. The reevaluation is based on the Hollis and Nell (1975) perspective, but refocused on econometrics (instead of economics), and inspired by a novel rereading of Haavelmo's work in econometrics. Irrespective of whether one agrees with the authors' evaluation and their reconstruction of the philosophical foundations of econometrics, the book offers a unique opportunity to commence a serious dialogue on how econometrics can provide sound empirical foundations for economics and what such foundations will amount to. The authors raise several crucial issues pertaining to the current practice of econometrics whose constructive discussion can lead to better empirical modeling practices that can hopefully elucidate how the economy works and how to improve its performance. This reconsideration is timely because despite the impressive technical advances, most of the foundational problems bedeviling current econometric modeling remain largely unresolved. --Aris Spanos, Virginia TechIf you are interested in understanding the underlying philosophical reasons why structural econometrics seems dead, read this book. Not only do the authors provide a comprehensive, stimulating, and provocative account of the debate and literature, they also provide insightful suggestions for improving the bridge over the theory-data gap in economics. Their main suggestion that theorists and econometricians should do more fieldwork to improve not only economic theories but also econometric models is a refreshing breeze of intellectual honesty in a world where the relationship between the theorist and the econometrician has grown stale. --George C. Davis, Virginia Tech

Author Information

Edward J. Nell, Malcolm B. Smith Professor of Economics, New School for Social Research, US and Karim Errouaki, Special Advisor, Foundation for the Culture of Peace, Spain

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