Thursday , February 9 2023
Home / Real-World Economics Review / Keynes on the methodology of econometrics

Keynes on the methodology of econometrics

Summary:
From Lars Syll There is first of all the central question of methodology — the logic of applying the method of multiple correlation to unanalysed economic material, which we know to be non-homogeneous through time. If we are dealing with the action of numerically measurable, independent forces, adequately analysed so that we were dealing with independent atomic factors and between them completely comprehensive, acting with fluctuating relative strength on material constant and homogeneous through time, we might be able to use the method of multiple correlation with some confidence for disentangling the laws of their action … In fact we know that every one of these conditions is far from being satisfied by the economic material under investigation. Letter from John Maynard Keynes to

Topics:
Lars Pålsson Syll considers the following as important:

This could be interesting, too:

Joel Eissenberg writes A fatal thing happened on the way to the forum

Joel Eissenberg writes The Prince of Providence

Stavros Mavroudeas writes Μνήμη Victoria Chick

John Quiggin writes Digital hoarding

from Lars Syll

Keynes on the methodology of econometricsThere is first of all the central question of methodology — the logic of applying the method of multiple correlation to unanalysed economic material, which we know to be non-homogeneous through time. If we are dealing with the action of numerically measurable, independent forces, adequately analysed so that we were dealing with independent atomic factors and between them completely comprehensive, acting with fluctuating relative strength on material constant and homogeneous through time, we might be able to use the method of multiple correlation with some confidence for disentangling the laws of their action … In fact we know that every one of these conditions is far from being satisfied by the economic material under investigation.

Letter from John Maynard Keynes to Royall Tyler (1938)

Lars Pålsson Syll
Professor at Malmö University. Primary research interest - the philosophy, history and methodology of economics.

Leave a Reply

Your email address will not be published. Required fields are marked *