Can econometric analysis make (agricultural) economics a hard science? Critical remarks and implications for economic methodology

Martin Petrick

No 62, IAMO Discussion Papers from Leibniz Institute of Agricultural Development in Transition Economies (IAMO)

Abstract: This paper argues that mainstream economics does not follow the positivist research tradition it (often implicitly) claims to follow and expresses some serious doubt that econometrics in particular can make economics a hard science. Mathematical rigour and sophisticated statistical techniques may be regarded as persuasive analytical tools in economics, but their mere application does not guarantee good research practice. The paper outlines an alternative methodological view of pragmatic instrumentalism in which the well known tools of economic analysis can find a new place. Instead of relying on a narrow rule that purports to produce universal truth, this view encourages to increase the target area for questioning and probing. Much more attention is paid to the communicative aspects of scientific methodology - in which terms an analysis is framed, and under what conditions, to whom, by whom, and by which means it is articulated.

Keywords: Methoden der Wirtschaftswissenschaften; Ökonometrie; Wissenschaftstheorie; pragmatischer Instrumentalismus; economic method; econometrics; philosophy of science; pragmatic instrumentalism (search for similar items in EconPapers)
JEL-codes: B41 C10 (search for similar items in EconPapers)
Date: 2004
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Related works:
Working Paper: CAN ECONOMETRIC ANALYSIS MAKE (AGRICULTURAL) ECONOMICS A HARD SCIENCE? CRITICAL REMARKS AND IMPLICATIONS FOR ECONOMIC METHODOLOGY (2004)
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:iamodp:14911

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