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Most Helpful Customer Reviews
6 of 6 people found the following review helpful:
4.0 out of 5 stars
Econometrics defanged,
By
This review is from: Econometrics with Data CD (Hardcover)
This text is neither exhaustive nor rigorous. It comes in at just 400 pages, thinner than Johnston, Kmenta, Maddala or Greene. It serves a very different constituency than do those texts.
I occasionally teach an econometrics class for business and liberal arts majors, students who aren't required to take econometrics and who usually don't have more than a very basic background in statistics, math, and economics. Exhaustive texts that prove all the fundamental theorems don't serve the needs of that audience, which instead wants to know how to do some basic regressions, test some simple hypotheses, and understand what econometricians and statisticians are up to when they present their results to managers, marketers, and other business professionals. This book serves that audience nicely. This text is simply written. The mathematical window dressing is kept to a minimum. It's more than a cookbook, but it isn't at all rigorous. Basic violations of the linear regression model are explained, basic tests and fixes presented. Some special topics are presented late in the book, but not so many that most can't be touched on in a one-semester course. The problems at the end of each chapter illustrate the principles taught in the chapter, and they're of reasonable difficulty (not the sort of thing that had me pulling my hair out when I first took econometrics out of Kmenta). I'm not enthusiastic about the computer exercises, but they're okay. Students complained that they couldn't open one of the required data files for a couple of problems, and when I imperiously said, "here, let me show you," I found I couldn't open it either. Storing the data in Excel workbooks was a little more cumbersom than it should have been, but it worked well enough. It would be nice if answers to some problems were provided at the back of the book, though I'm of two minds on that. Ask me tomorrow and I'll say that it's better not to include answers. Econometrics isn't a simple subject, but this book makes it approachable for any diligent student with some basic economic and statistical background. Despite the occasional stray integral in the text, knowledge of calculus is not required. This isn't the text I'd choose for economics majors or for students at a highly competitive business school, but it serves a niche audience that deserves to be served, and it does it in a no-nonsense way. I think one can learn some solid, basic econometrics from this text.
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