Representation and Structure in Economics: The Methodology of Econometric Models of the Consumption Function

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  • Edition: 1st
  • Format: Hardcover
  • Copyright: 2009-02-05
  • Publisher: Routledge

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"This book provides a methodological perspective on understanding the essential roles of econometric models in theory and practice. Offering a comprehensive and comparative exposition of the accounts of models in both econometrics and philosophy of science, this work shows how econometrics and philosophy of science are interconnected while exploring the methodological insight of econometric modelling that can be added to modern philosophical thought." "This book will be of great interest to scholars and students of methodology of economics and econometrics as well as anyone interested in the philosophy of science in an economic context."--BOOK JACKET.

Author Biography

Hsiang-Ke Chao is Associate Professor of Economics at National Tsing Hua University, Taiwan.

Table of Contents

Prefacep. xii
Introduction: taking structure seriouslyp. 1
What is a structure?p. 1
The structure of scientific theoriesp. 2
Mind the gapp. 4
Model all the wayp. 6
Structure and model in economicsp. 7
The history and methodology of the consumption functionp. 8
Structure and its measurement in econometricsp. 13
Frisch's legacyp. 13
Three properties of an economic structurep. 15
Haavelmo's structurep. 16
Two views of structurep. 18
Measurement and the knowledge of structurep. 27
Theory, structure and modelsp. 29
Representing the structure of scientific theoriesp. 29
The received viewp. 32
The semantic viewp. 34
Two versions of the semantic viewp. 36
Theory of measurementp. 40
Representational theory of measurement: representation theorems and uniqueness theoremsp. 41
Structure, representation, and invariancep. 45
Concluding remarksp. 47
Two strands of demand analysisp. 49
Introductionp. 49
Engel curvesp. 50
Richard Stone and measurementp. 51
The linear expenditure system modelp. 52
A model for demand theoryp. 54
Models are representationsp. 56
Trygve Haavelmo and measuring the structure of the consumption functionp. 58
Introductionp. 58
Haavelmo's three measurementsp. 60
Comparisons of empirical findingsp. 64
The probability approach and experimental designp. 66
Structure and autonomyp. 69
Structure and representationp. 72
Concluding remarksp. 74
Milton Friedman and the emergence of the permanent income hypothesisp. 76
Groping in the darkp. 76
Friedman's permanent income hypothesisp. 77
Modelling income structurep. 79
Permanent income hypothesis - budget studiesp. 83
Permanent income hypothesis - time-series data studiesp. 88
Discussionp. 90
Concluding remarksp. 93
Professor Hendry's econometric methodology reconsidered: congruence and structural empiricismp. 96
The LSE approachp. 96
Theoretical models and empirical modelsp. 98
Congruence: the ideap. 100
Theory of reductionp. 102
The general-to-specific approachp. 104
Case study: the DHSY modelp. 105
Hendry versus constructive empiricismp. 109
Toward an empiricist methodologyp. 114
A structure of the consumption functionp. 116
Introductionp. 116
Structural realismp. 117
Structure of the consumption functionp. 119
Structural realist interpretation of the consumption functionp. 122
Structural realism and representationp. 124
Realism about structurep. 127
Concluding remarksp. 130
Conclusionp. 132
Notesp. 135
Bibliographyp. 143
Indexp. 158
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