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The Inexact and Separate Science of Economics

by
Daniel M. Hausman (Author)
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Daniel M. Hausman (Author)
3.5 out of 5 stars 2 customer reviews
ISBN-13: 978-0521425230
ISBN-10: 0521425239
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Product Details

  • Paperback: 388 pages
  • Publisher: Cambridge University Press (January 31, 1992)
  • Language: English
  • ISBN-10: 0521425239
  • ISBN-13: 978-0521425230
  • Product Dimensions: 6.3 x 0.9 x 8 inches
  • Shipping Weight: 1.4 pounds (View shipping rates and policies)
  • Average Customer Review: 3.5 out of 5 stars  See all reviews (2 customer reviews)
  • Amazon Best Sellers Rank: #1,589,719 in Books (See Top 100 in Books)

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4.0 out of 5 starsGood example of economic methodology
By Edward Mariyani-Squire on October 20, 2009
Format: Paperback
Hausman argues for a modified "Millian" economic methodology. Probably one of the most accurate accounts of how economists think they (and sometimes do) "do" economics. Covers a wide range of topics along the way, including applied topics in economics and issues directly relevant to the application of the philosophy of science to economics (e.g. the hopelessness of Popperian falsificationism).
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3.0 out of 5 starsKeynes had already solved the preference reversal problem 100 hundred years ago
By Michael Emmett Brady on December 9, 2009
Format: Paperback
The author presents some interesting commentary on economics as a " Science ".He calls it an inexact and separate science.However,it isn't possible to accept this characterization given that economists do not follow standard scientific criteria and methods.One example will suffice.

In 1963,Benoit Mandelbrot confronted the annual Ecomometricians meeting with a summary of his empirical work on time series data in a number of commodity and financial markets.Mandelbrot reported that the probability distribution that fit the data the best was the Cauchy Distribution.The data did not come close to be being normally (log normal) distributed.Econometricians had simply been assuming since the early 1930's that the time series data was best approximated by the normal(log normal) distribution.All of their multiple regression and correlation techniques were based on the assumption of normality.No economist or econometrician had done any goodness of fit tests and/or exploratory data analysis to support their claim that the time series data was normally distributed.The reaction of the economists and econometricians to Mandelbrot in 1963 was the same as the reaction made in response to (a) J M Keynes's 1939-40 conclusion that Tinbergen's econometric research program was doomed because it would only work if the time series data was normally distributed and (b) Schumpeter's 1950 statement to the Econometricians at their annual conference that the time series data was not normally distributed;they rejected it out of hand.

In 1921,Keynes discussed the fact that a decision theory based on the mathematical theory of probability alone could only be a special case because it was based on two assumptions that were only special cases in the real world -additivity and linearity.Read more ›
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