Economic Methodology and Econometrics
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It is standard to define econometrics as a branch of economics that brings together economic theory, facts and statistical theory in order to give empirical content to economic reasoning. The accepted assumption is that theories and hypotheses in economics have to be validated by invoking factual evidence. Is this true for all economists? If it is, then is that factual evidence pertinent only to the predictive implications of theories, or to the assumptions of theories, or to both?
KeywordsNatural Science Empirical Basis Inductive Inference Formal School Informative Content
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