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The unrealistic realist philosophy. The ontology of econometrics revisited

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  • Mariusz Maziarz

    (Interdisciplinary Centre for Ethics at Faculty of Philosophy at the Jagiellonian University)

Abstract

The argument put forth in this article shows that the hitherto scientific-realist approaches to econometrics are incongruent with the realistically reconstructed empirical macroeconomics. The SR approaches share in common being realist about the relations depicted by (successful) models. The economic models of data are sensitive to minor changes in sample and estimating methods what creates the ‘emerging contrary result’ phenomenon: the community of econometricians accept models that are inconsistent. Being SR about econometrics equals committing oneself to the following trilemma: (1) it is feasible to indicate the successful models that rightly isolate/idealize the regularities of the economy (the knowledge thesis); (2) econometric models are about the economic world (the independence thesis); and, at least in some areas of application, (3) successful econometric models contradict each other.

Suggested Citation

  • Mariusz Maziarz, 2019. "The unrealistic realist philosophy. The ontology of econometrics revisited," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 13(1), pages 39-64, November.
    • Handle: RePEc:bus:jphile:v:13:y:2019:i:1:n:3
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    Cited by:

    1. Tiago Cardão-Pito, 2021. "Academic discipline of economics as hedonist philosophy," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 14(1-2), pages 199-207, November.
    2. Christina BANALOPOULOU, 2020. "Nietzsche, Deleuze and Guattari: performative constitution of unpayable debt in finance capitalism," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 13(2), pages 91-115, November.

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    More about this item

    Keywords

    philosophy of econometrics; contrary results; 'emerging contrary result' phenomenon; ERR phenomenon; instrumentalism; constructivism;
    All these keywords.

    JEL classification:

    • B23 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Econometrics; Quantitative and Mathematical Studies
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

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