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Econometrics as a con art : exposing the limitations and abuses of econometrics / Imad A. Moosa (Professor of Finance, Royal Melbourne Institute of Technology (RMIT), Australia.
Author
Moosa, Imad A.
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Format
Book
Language
English
Published/Created
Cheltenham, UK ; Northampton, MA, USA : Edward Elgar Publishing, [2017]
©2017
Description
ix, 288 pages : illustrations ; 24 cm
Availability
Copies in the Library
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Call Number
Status
Location Service
Notes
Firestone Library - Stacks
HB139 .M656 2017
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Subject(s)
Econometrics
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Summary note
Imad Moosa challenges convention with this comprehensive and compelling critique of econometrics, condemning the common practices of misapplied statistical methods in both economics and finance. After reviewing the Keynesian, Austrian and mainstream criticisms of econometrics, it is demonstrated that econometric models can be manipulated to produce any desired result. These hazardous analyses may then be relied upon to support flawed policy recommendations, ideological beliefs and private interests. Moosa proposes that the way forward should instead be to rely on clear thinking, intuition and common sense rather than to continue with the reliance upon econometrics. The mathematization of economics has limited the accessibility of and participation in economic discussion by converting the area into a complex 'science' when it should not be. Appealing to both academics and practitioners of economics and finance, this book serves to challenge the acceptance of econometrics as offering trustworthy analysis. Any individual interested in empirical work will find this book a captivating read on the limitation of econometrics. -- from back cover.
Bibliographic references
Includes bibliographic references (pages 243-281) and index.
Contents
The nature and evolution of econometrics
Components, functions and related disciplines
Econometrics as a science
The laws of economics and science
Econometric analysis: Loopholes and shortcomings
Criticism of econometrics: Keynes, Leamer, Lucas and the Austrians
Stir-fry regressions as a con job
Cointegration analysis: principles and fallacies
Cointegration analysis: applications and illustrations
Sensitivity and insensitivity of empirical results
The forecasting fiasco
Concluding thoughts.
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ISBN
9781785369940
1785369946
LCCN
2017931767
OCLC
987279001
Statement on language in description
Princeton University Library aims to describe library materials in a manner that is respectful to the individuals and communities who create, use, and are represented in the collections we manage.
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