ECONOMETRICS AND REALITY
RePEc: Research Papers in EconomicsPublished 9 January 2003Open access
Kevin D. Hoover
Citations27
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Abstract
Starting with a realist ontology the economic methodologist, Tony Lawson, argues that econometrics is a failed project. Apparently more sympathetic to econometrics, the philosopher of science, Nancy Cartwright, again from a realist perspective, nonetheless argues for conditions of applicability that are so stringent that she must seriously doubt the usefulness of econometrics. In this paper, I reconsider Lawson''s and Cartwright''s analyses and argue that realism supports rather than undermines econometrics properly interpreted and executed.
Keywords
Economics, Econometrics and Finance