Models and Reality: How Did Models Divorced from Reality Become Epistemologically Acceptable?

Asad Zaman and Taseer Salahuddin ()
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Taseer Salahuddin: Assistant Professor of Economics, Government Sadiq College Women University, Bahawalpur, Pakistan

International Econometric Review (IER), 2020, vol. 12, issue 1, 50-74

Abstract: This is an introductory article which explains the importance of explicit consideration and modeling of causality, contrary to current econometric practice, in order to use data set for extraction of meaningful information. One of the easiest to understand approaches to causality is via Simpson’s paradox. We will use this paradox, framed in different real-world contexts, to provide an introduction to basic concepts of causality.

Keywords: Simpson's Paradox; Causality; Econometrics; Confounders; Mediators. (search for similar items in EconPapers)
JEL-codes: C0 C1 (search for similar items in EconPapers)
Date: 2020
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Journal Article: Models and Reality: How Did Models Divorced from Reality Become Epistemologically Acceptable? (2020)
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Persistent link: https://EconPapers.repec.org/RePEc:erh:journl:v:12:y:2020:i:1:p:50-74

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