Psychology Dictionary of ArgumentsHome
| |||
|
| |||
| 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. | |||
| Author | Concept | Summary/Quotes | Sources |
|---|---|---|---|
|
Neoclassical Economics on Econometrics - Dictionary of Arguments
Harcourt I 38 Econometrics/Neoclassical Economics/Harcourt: The neoclassical procedure can be regarded as an examination of virtual displacements around an equilibrium point, so that any relative price changes may be ignored and capital may be measured in terms of „an equilibrium dollar's worth“. Measurements: With this procedure it is legitimate - and essential - for individual economic actors to take all prices as given (they are, after all, price-takers) and it is market forces - the overall outcome of their individual but, consciously anyway, uncoordinated actions - which are responsible for actual price changes, changes which cease, by definition, at equilibrium. Accumulation: Moreover, any accumulation which is conceived to have taken place is marginal so that any change in the value of meccano sets in terms of product is confined to this marginal addition, and so may be ignored. Comparisons/comparability/problems: The trouble is that when either comparisons are made between different economies with different equilibrium wages, rates of profits and factor endowments - what Swan calls 'structural comparisons in the large' - or, far worse, when accumulation is analysed, these equilibrium points with all their accompanying (instantaneous) rates of change cannot be extended into visible curves associated with the same equilibrium values. >Econometrics/Swan. Change: An enormous revaluation of existing capital stocks occurs whenever an actual change (as opposed to a virtual one), no matter how small, is contemplated. Hence the need either for meccano sets (and the accompanying unacceptable assumption of perfectly timeless and costless malleability) or for resort to Champernowne's chain index which both he and Swan argue also allows an analysis of slow accumulation, in Champernowne's case, without technical progress. >Method/Champernowne._____________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. |
Neoclassical Economics Harcourt I Geoffrey C. Harcourt Some Cambridge controversies in the theory of capital Cambridge 1972 |
||
> Counter arguments against Neoclassical Economics
> Counter arguments in relation to Econometrics
