The Measurement of Economic Relationships

The Measurement of Economic Relationships

Astranger in academia cannot but be impressed by the apparent uniformity and precision of the methodology currently applied to the measurement of economic relationships.

Author: Peter Tryfos

Publisher: Springer Science & Business Media

ISBN: 1402028385

Category: Business & Economics

Page: 172

View: 630

Astranger in academia cannot but be impressed by the apparent uniformity and precision of the methodology currently applied to the measurement of economic relationships. In scores of journal articles and other studies, a theoretical argument is typically presented to justify the position that a certain variable is related to certain other, possibly causal, variables. Regression or a related method is applied to a set of observations on these variables, and the conclusion often emerges that the causa,l variables are indeed "significant" at a certain "level," thereby lending support to the theoretical argument-an argument presumably formulated independently of the observations. A variable may be declared significant (and few doubt that this does not mean important) at, say, the 0. 05 level, but not the 0. 01. The effects of the variables are calculated to many significant digits, and are often accompanied by intervals and forecasts of not quite obvious meaning but certainly of reassuring "confidence. " The uniformity is also evident in the many mathematically advanced text books of statistics and econometrics, and in their less rigorous introductory versions for students in economics or business. It is reflected in the tools of the profession: computer programs, from the generaiones addressed to the incidental researcher to the dedicated and sophisticated programs used by the experts, display the same terms and implement the same methodology. In short, there appears no visible alternative to the established methodol ogy and no sign of reservat ions concerning its validity.
Categories: Business & Economics

The Measurement of Economic Relationships

The Measurement of Economic Relationships

The goal is to measure the relationship between earnings and pauperism, and this relationship is estimated by least squares to be (in our notation) Y = 11.64 – 0.5X. In Stigler's (1986) narrative of the history of statistics, ...

Author: Peter Tryfos

Publisher: Springer Science & Business Media

ISBN: 9781402028397

Category: Business & Economics

Page: 148

View: 818

Astranger in academia cannot but be impressed by the apparent uniformity and precision of the methodology currently applied to the measurement of economic relationships. In scores of journal articles and other studies, a theoretical argument is typically presented to justify the position that a certain variable is related to certain other, possibly causal, variables. Regression or a related method is applied to a set of observations on these variables, and the conclusion often emerges that the causa,l variables are indeed "significant" at a certain "level," thereby lending support to the theoretical argument-an argument presumably formulated independently of the observations. A variable may be declared significant (and few doubt that this does not mean important) at, say, the 0. 05 level, but not the 0. 01. The effects of the variables are calculated to many significant digits, and are often accompanied by intervals and forecasts of not quite obvious meaning but certainly of reassuring "confidence. " The uniformity is also evident in the many mathematically advanced text books of statistics and econometrics, and in their less rigorous introductory versions for students in economics or business. It is reflected in the tools of the profession: computer programs, from the generaiones addressed to the incidental researcher to the dedicated and sophisticated programs used by the experts, display the same terms and implement the same methodology. In short, there appears no visible alternative to the established methodol ogy and no sign of reservat ions concerning its validity.
Categories: Business & Economics

The Role of Measurement in Economics

The Role of Measurement in Economics

First published in 1951, this book examines the role of measurement in obtaining and applying economic knowledge.

Author: Richard Stone

Publisher: Cambridge University Press

ISBN: 9781107673861

Category: Business & Economics

Page: 95

View: 412

First published in 1951, this book examines the role of measurement in obtaining and applying economic knowledge. Esteemed economist Richard Stone divides his topic into four sections: questions of fact and empirical constructs; the truth or falsity of a hypothesis; the estimation of parameters; and questions of prediction.
Categories: Business & Economics

Practical and Professional Ethics Economic and business ethics

Practical and Professional Ethics  Economic and business ethics

We can say that econometrics deals with measurement of economic relationships . The field of study is a queer amalgam of economic theory , mathematical economics and statistics , but completely different from these branches .

Author: Debashis Guha

Publisher: Concept Publishing Company

ISBN: 8180694895

Category: Applied ethics

Page: 370

View: 812

Categories: Applied ethics

The History of Econometric Ideas

The History of Econometric Ideas

These economic relationships would manifest themselves in exactly defined empirical relationships , were it not for the presence of measurement errors in the observations . In order to find the true relationship it is necessary to have ...

Author: Mary S. Morgan

Publisher: Cambridge University Press

ISBN: 0521424658

Category: Business & Economics

Page: 318

View: 625

This book illustrates how economists first learnt to harness statistical methods to measure and test the 'laws' of economics.
Categories: Business & Economics

Econometrics in a Formal Science of Economics

Econometrics in a Formal Science of Economics

An examination of the role of theory in applied econometrics.

Author: Bernt P. Stigum

Publisher: MIT Press

ISBN: 9780262028585

Category: Business & Economics

Page: 389

View: 350

An examination of the role of theory in applied econometrics.
Categories: Business & Economics

Econometrics in Theory and Practice

Econometrics in Theory and Practice

The econometric relationships can capture the random behaviour of economic relationships which are not considered in theories in economics. Econometrics differs from statistics. Statistical models describe the methods of measurement ...

Author: Panchanan Das

Publisher: Springer Nature

ISBN: 9789813290198

Category: Business & Economics

Page: 565

View: 434

This book introduces econometric analysis of cross section, time series and panel data with the application of statistical software. It serves as a basic text for those who wish to learn and apply econometric analysis in empirical research. The level of presentation is as simple as possible to make it useful for undergraduates as well as graduate students. It contains several examples with real data and Stata programmes and interpretation of the results. While discussing the statistical tools needed to understand empirical economic research, the book attempts to provide a balance between theory and applied research. Various concepts and techniques of econometric analysis are supported by carefully developed examples with the use of statistical software package, Stata 15.1, and assumes that the reader is somewhat familiar with the Strata software. The topics covered in this book are divided into four parts. Part I discusses introductory econometric methods for data analysis that economists and other social scientists use to estimate the economic and social relationships, and to test hypotheses about them, using real-world data. There are five chapters in this part covering the data management issues, details of linear regression models, the related problems due to violation of the classical assumptions. Part II discusses some advanced topics used frequently in empirical research with cross section data. In its three chapters, this part includes some specific problems of regression analysis. Part III deals with time series econometric analysis. It covers intensively both the univariate and multivariate time series econometric models and their applications with software programming in six chapters. Part IV takes care of panel data analysis in four chapters. Different aspects of fixed effects and random effects are discussed here. Panel data analysis has been extended by taking dynamic panel data models which are most suitable for macroeconomic research. The book is invaluable for students and researchers of social sciences, business, management, operations research, engineering, and applied mathematics.
Categories: Business & Economics

Economics for C A Professional Education Course 1

Economics for C A  Professional Education Course 1

The special technique of index number methods is fundamental to the measurement of economic and business ... branch of economic science which applies the methods of mathematics and statistics to measurement of economic relationships and ...

Author: Sampat Mukherjee

Publisher: New Age International

ISBN: 8122414311

Category:

Page: 554

View: 690

The Book Comprehensively Covers The Revised Syllabus Prescribed By The Institute Of Chartered Accountants Of India.The Coverage Is Divided Into Two Parts. The First Presents A Detailed Analysis Of The Basic Principles Of Modem Economics. The Second Part Highlights The Important Features Of The Business Environment In India.The Book Emphasises The Topics Of Contemporary Importance Introduced In The New Syllabus.These Include:-India And World Economy.-International Institutions For Globalisation.-Indias Recent Economic Policies.A Practical Approach Is Adopted Throughout The Book And The Various Concepts Are Illustrated Through Several Real Life Examples.
Categories:

Current Affairs June 2018 eBook

Current Affairs June 2018 eBook

The index measures a country's overall power through its weighted average across eight measures of power - economic resources, military capability, resilience, future trends, diplomatic influence, economic relationships, ...

Author: Jagran Josh

Publisher: Jagran Prakashan Ltd.

ISBN:

Category: Education

Page: 399

View: 108

Current Affairs June 2018 eBook is created by keeping the demands of recent pattern of various competitive exams in major view. It is brought to you by Jagranjosh.com. The topics for cover story and entire news section are selected on the basis of an analysis of general knowledge sections in all important exams including IAS, PCS, BANK, SSC, Insurance and others. And the time duration of topics covered in magazine includes all exam oriented current affairs of May 2018. It presents the comprehensive coverage of the events of current affairs which are chosen on the basis of the requirements of all important exams. It covers all exam oriented current affairs of May 2018 with all required facts and analysis. The analysis of all the events related to National, International, Economy, Science & Technology, Environment & Ecology is done in a way that fulfills the demand of all the important exams including IAS. The language used in the magazine is lucid and easy-to-understand language. The major topics included in the magazine for cover story are: Outbreak of Nipah Virus in India, Walmart acquires Flipkart, AFSPA removed from Meghalaya, US withdrawal from Iran nuclear deal, etc. The eBook is expected to be handy for most of forthcoming exams like, Civil Services Examination, Various Insurance AO Exams, PCS exams, MAT and others.
Categories: Education