The Empirical Appraisal of Economic Theories, Econometric Testing and the Logic of Refutation

Shyam J. Kamath, Keith Christian Jensen and Robert E. Bennett
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Shyam J. Kamath: Department of Economics, California State University, Hayward
Keith Christian Jensen: Department of Economics, National University, San Diego
Robert E. Bennett: Government of British Columbia, Victoria, Canada

Journal of Interdisciplinary Economics, 1990, vol. 3, issue 3, 173-195

Abstract: This paper comprehensively analyses the logical problems involved in conventional tests of economic theories. It also outlines some methodological problems with current econometric practice. An alternative test procedure which constitutes a logically complete and rigorous extension of conventional test procedures is proposed in order to attenuate some of the problems identified. The test is implemented in a practical context by considering the debate over the inclusion of real money balances in the neoclassical aggregate production function.

Date: 1990
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Persistent link: https://EconPapers.repec.org/RePEc:sae:jinter:v:3:y:1990:i:3:p:173-195

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