Rational econometric man : transforming structural econometrics
Edward J. Nell, Malcolm B. Smith Professor of Economics, The New School for Social Research, USA ; Karim Errouaki, special advisor, the Foundation for the Culture of Peace, Spain. With a foreword by Lawrence R. Klein, nobel laureate in economics
'This is a book macroeconomists were waiting for - a lucid history of macroeconometric model building. A must read.' (Willi Semmler, New School for Social Research, US). -- 'The authors have succeeded in orchestrating a lively debate over the scientific foundations of structural econometrics. Their book deserves a broad readership.' (From the foreword by Lawrence R. Klein). -- 'The wide range of issues brilliantly discussed, the entertaining and accessible language, the sharpness of the authors' judgement and the constructive critical mood makes this book recommended reading for anyone who feels uneasy with the empirical scope and policy significance of standard econometric methods and of mainstream economic models.' (Alessandro Vercelli, University of Siena, Italy). -- 'This book represents a bold and imaginative attempt to reconsider the philosophical foundations of econometrics by re-evaluating the Cowles Commission project of the 1940s and its subsequent influence on modern econometrics. The re-evaluation is based on the Hollis and Nell (1975) perspective, but refocused on econometrics (instead of economics), and inspired by a novel re-reading of Haavelmo's work in econometrics. Irrespective of whether one agrees with the authors' evaluation and their reconstruction of the philosophical foundations of econometrics, the book offers a unique opportunity to commence a serious dialogue on how econometrics can provide sound empirical foundations for economics and what such foundations will amount to. The authors raise several crucial issues pertaining to the current practice of econometrics whose constructive discussion can lead to better empirical modelling practices that can hopefully elucidate how the economy works and how to improve its performance. This reconsideration is timely because despite the impressive technical advances, most of the foundational problems bedevilling current econometric modelling remain largely unresolved.' (Aris Spanos, Virginia Tech, US).
