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Causal theories, models and evidence in economics : ome reflections from the natural sciences
Joffe, Michael - In: Cogent economics & finance 5 (2017) 1, pp. 1-17
. This paper takes a complementary, comparative approach, examining theory development in the natural sciences. Examples show … process occurring over a long timescale. Models are typically nested within this broader theory. This could be a good model … sector raises the question, how to realise what has been omitted? Nesting models in an empirically based causal theory could …
Persistent link: https://www.econbiz.de/10011598097
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Models, truth, and analytic inference in economics
Hoover, Kevin D. - 2019 - Revised, 31 December 2018
A popular view of models among economists and philosophers alike is that all models are false, but some are useful. Models are frequently treated as convenient fictions, idealizations, stories about credible worlds, or "near enough" to the truth. But such a understandings pose serious questions,...
Persistent link: https://www.econbiz.de/10011950334
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Economic explanation, ordinality and the adequacy of analytic specification
Katzner, Donald W.; Skott, Peter - 2004 - Revised: 19 February, 2004
This paper examines the implicit links between models containing ordinal variables and their underlying unquantified counterparts that are necessary to make the former viable theoretical constructions. It is argued that when the underlying unquantified structure is unknown, the permissible...
Persistent link: https://www.econbiz.de/10011527108
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Allowing the Data to Speak Freely : The Macroeconometrics of the Cointegrated Vector Autoregression
Hoover, Kevin D. - 2008
An explication of the key ideas behind the Cointegrated Vector Autoregression Approach. The CVAR approach is related to Haavelmo's famous quot;Probability Approach in Econometricsquot; (1944). It insists on careful stochastic specification as a necessary groundwork for econometric inference and...
Persistent link: https://www.econbiz.de/10012726093
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Redefining Sustainable Investing : A 'Next Economy' Model Approach
Jabusch, Garvin - 2013
evolution of modern portfolio theory are discussed. A new, 'next economy' methodology is proposed to practically apply modern … realities to portfolios in meaningful ways. Existing yet insufficient attempts to modify portfolio theory to address climate and …
Persistent link: https://www.econbiz.de/10013086462
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Probability and Structure in Econometric Models
Hoover, Kevin D. - 2009
; (1944), involved two elements: first, it placed substantial weight on a priori theory as a source of structural information …
Persistent link: https://www.econbiz.de/10012721030
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The Regrettable Loss of Mathematical Molding in Econometrics
Boumans, Marcel J. - 2012
Mathematical molding disappeared in the changeover from methods to specify causal mechanisms of business cycles to methods to identify economic structures, that is, invariant relationships underlying the workings of an economy. Mathematical molding could fulfill its role in modeling business...
Persistent link: https://www.econbiz.de/10014172777
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How Much Economic Freedom is Necessary for Economic Growth? Theory and Evidence
Altman, Morris - 2008
The hypothesis that economic freedom and related variables are significant determinants of real per capita income and growth is critically evaluated. Economic freedom is found necessary for higher levels of per capita income and growth largely in terms of threshold effects as opposed to...
Persistent link: https://www.econbiz.de/10014218055
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Knowledge diffusion and knowledge transfer : two sides of the medal
Klarl, Torben - 2009
Understanding the way in which knowledge is technically produced and transferred, and how its diffusion path can be characterized is of fundamental importance for the performance of an economy. Although this fact seems to be plausible ex ante, the relevant literature so far has paid less...
Persistent link: https://www.econbiz.de/10003914239
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Modeling technological change in economic models of climate change : a survey
Löschel, Andreas; Schymura, Michael - 2013
The assessment of climate change mitigation policies through economic modeling depends crucially on assumptions under which technological change has been incorporated in the model. Earlier climate-energy-economics modeling attempts heavily relied on the assumption of exogenous technological...
Persistent link: https://www.econbiz.de/10009704252