Economics Dictionary of ArgumentsHome
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| Econometrics: Econometrics applies statistical and mathematical methods to economic data to test hypotheses and forecast trends. It combines economic theory, data analysis, and statistical inference to quantify relationships, such as the impact of policy changes on growth. Key tools include regression analysis, time series modeling, and panel data techniques. See also Measurements, Economic growth, Objectivity._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
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Trevor W. Swan on Econometrics - Dictionary of Arguments
Harcourt I 36 Econometrics/SwanVsNeoclassical theories/Swan/Harcourt: it is hoped that the long-run implications of capital-labour substitution may be analysed independently of any troublesome shortrun Keynesian and other puzzles. >Production function/Robinson. As Ferguson [1969](1) puts it, the tendencies inherent in the Marshallian long run may be analysed free of interference from other, for this purpose, he believes, irrelevant factors. His argument has been severely criticized in, for example, Robinson [1970a](2), Harcourt [1970b](3) (…). Harcourt I 37 Decision making processes: The main point of the criticism is that all economic decisions are of necessity made in the short run, where all actions are of necessity also, even though some decisions, e.g. those relating to investment, relate to longer horizons than do others, e.g. those relating to output. Swan/Harcourt: We find in Swan's appendix perhaps the first and certainly the clearest statement of the notorious malleability assumption which underlies many neoclassical growth models and econometric exercises, for example, Swan [1956](4), Solow [1956b(5), 1957(6)], Meade [1961](7). Capital/measurements: By measuring capital in terms of its own technical unit (and by assuming that the quantity of capital in terms of this unit is uniquely associated with, say, the annual flow of services from it, measured in machine years), it is in the appropriate form for inclusion in a production function viewed as an engineering description of the flow of output which may be expected from the inputs of certain flows of man and machine years: on this, see Bruno, Burmeister and Sheshinski [1968](8). Marginal product: The marginal product of capital, so measured, is equal to the rate of profits multiplied by the price of the technical unit of capital in terms of product (p). But if this price does not change when accumulation occurs, as Swan assumes, capital may also be measured in value units, in which case its marginal product equals the rate of profits. 1. Ferguson, C. E. [1969] The Neoclassical Theory of Production and Distribution (Cambridge: Cambridge University Press). 2. Robinson, J. [1970a] 'Capital Theory Up to Date', Canadian Journal of Economics, in, pp. 309-17. 3. Harcourt, G.C. [1970b] 'Review of C. E. Ferguson, The Neoclassical Theory of Production and Distribution, 1969', Journal of Economic Literature, VIII, pp. 809-11. 4. Swan, T. W. [1956] 'Economic Growth and Capital Accumulation', Economic Record, xxxn, pp. 334-61. 5. Solow, R. M. [1956b] 'A Contribution to the Theory of Economic Growth', Quarterly Journal of Economics, LXX, pp. 65-94. 6. Solow, R. M. [1957] 'Technical Change and the Aggregate Production Function', Review of economics and Statistics, xxxix, pp. 312-20. 7. Meade, J. E. [1961] A Neoclassical Theory of Economic Growth (London: Allen and Unwin). 8. Bruno, M., Burmeister, E. and Sheshinski, E. [1966] 'Nature and Implications of the Reswitching of Techniques', Quarterly Journal of Economics, LXXX, pp. 526-53._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
Swan I Trevor W. Swan Trevor Winchester Swan, Volume I: Life and Contribution to Economic Theory and Policy (Palgrave Studies in the History of Economic Thought) London 1922 Harcourt I Geoffrey C. Harcourt Some Cambridge controversies in the theory of capital Cambridge 1972 |
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