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Comments on: Economics, theory, and data http://www.tvhe.co.nz/2014/03/23/economics-theory-and-data/ The Visible Hand in Economics Sat, 10 May 2014 04:48:00 +0000 hourly 1 https://wordpress.org/?v=6.9.4 By: Nishan Roy http://www.tvhe.co.nz/2014/03/23/economics-theory-and-data/#comment-43105 Sat, 10 May 2014 04:48:00 +0000 http://www.tvhe.co.nz/?p=10643#comment-43105 The sweet surprises in the form of gifts create unforgettable moments that are restored in our hearts forever. Plan such a surprise gift for the people your mother whom you love
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By: Avishek Roy http://www.tvhe.co.nz/2014/03/23/economics-theory-and-data/#comment-42889 Mon, 31 Mar 2014 06:38:00 +0000 http://www.tvhe.co.nz/?p=10643#comment-42889 Show your outstanding engagement for your dearest mom, friends and family members through extravagant Hamper to everywhere
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By: Matt Nolan http://www.tvhe.co.nz/2014/03/23/economics-theory-and-data/#comment-42861 Wed, 26 Mar 2014 05:12:00 +0000 http://www.tvhe.co.nz/?p=10643#comment-42861 In reply to Kimble.

Hehe. Tbf, lots of economists started as engineers – but then came into the discipline, did a whole bunch of analysis, and helped build shiz up … rather than sniping from the sidelines and ignoring current lit. That’s the difference that matters right there.

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By: Kimble http://www.tvhe.co.nz/2014/03/23/economics-theory-and-data/#comment-42859 Tue, 25 Mar 2014 23:12:00 +0000 http://www.tvhe.co.nz/?p=10643#comment-42859 Fricken engineers! Amirightorright?

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By: Matt Nolan http://www.tvhe.co.nz/2014/03/23/economics-theory-and-data/#comment-42847 Sun, 23 Mar 2014 09:00:00 +0000 http://www.tvhe.co.nz/?p=10643#comment-42847 In reply to Jim Rose.

Sounds good, especially since it reinforces my priors 😉

More seriously though I will have a look.

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By: Jim Rose http://www.tvhe.co.nz/2014/03/23/economics-theory-and-data/#comment-42846 Sun, 23 Mar 2014 08:49:00 +0000 http://www.tvhe.co.nz/?p=10643#comment-42846 You might want to look at Micheal Keane’s Keynote Address ‘Structural vs. atheoretic approaches to econometrics’ published in the Journal of Econometrics (2010).

Keane argued that it is not possible to learn anything of interest from data without theoretical assumptions. All statistical inference relies on some untestable assumptions

Abstract

In this paper I attempt to lay out the sources of conflict between the so-called “structural” and “experimentalist” camps in econometrics.

Critics of the structural approach often assert that it produces results that rely on too many assumptions to be credible, and that the experimentalist approach provides an alternative that relies on fewer assumptions.

Here, I argue that this is a false dichotomy. All econometric work relies heavily on a priori assumptions.

The main difference between structural and experimental (or “atheoretic”) approaches is not in the number of assumptions but the extent to which they are made explicit.

Also look at Keane, Michael P. 2010. “A Structural Perspective on the Experimentalist School.” Journal of Economic Perspectives, 24(2): 47–58 where he argues that we cannot begin a systematic assembly of facts and empirical regularities without a pre-existing theoretical framework that gives the facts meaning and tells us which facts we should establish.

Koopman’s famous 1947 essay ‘measurement without theory’ argued that without theory, you do not know what to “look for” and what phenomena to observe and what measures to define and compute.

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