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Theoretical and Methodological Context of (Post)-Modern Econometrics and Competing Philosophical Discourses for Policy Prescription

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  • Jackson Emerson Abraham

    (Research Department, Bank of Sierra Leone, Freetown, Sierra Leone. Also, Doctoral Scholar, Centre of West African Studies, University of Birmingham, United Kingdom, Phone: +232 7817 6272 / +44 7862 703702, EAJ392@bham.ac.uk / ejackson@bsl.gov.sl)

Abstract

This research article was championed as a way of providing discourses pertaining to the concept of “Critical Realism (CR)” approach, which is amongst many other forms of competing postmodern philosophical concepts for the engagement of dialogical discourses in the area of established econometric methodologies for effective policy prescription in the economic science discipline. On the whole, there is no doubt surrounding the value of empirical endeavours in econometrics to address real world economic problems, but equally so, the heavy weighted use and reliance on mathematical contents as a way of justifying its scientific base seemed to be losing traction on the intended focus of economics when it comes to confronting real world problems in the domain of social interaction. In this vein, the construction of mixed methods discourse(s), which favour that of CR philosophy is hereby suggested in this article as a way forward in confronting with issues raised by critics of mainstream economics and other professionals in the postmodern era.

Suggested Citation

  • Jackson Emerson Abraham, 2017. "Theoretical and Methodological Context of (Post)-Modern Econometrics and Competing Philosophical Discourses for Policy Prescription," Journal of Heterodox Economics, Sciendo, vol. 4(2), pages 119-129, December.
    • Handle: RePEc:vrs:joheec:v:4:y:2017:i:2:p:119-129:n:3
    DOI: 10.1515/jheec-2017-0006
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    1. Emerson Abraham Jackson & Edmond Tamuke & Abdulai Sillah, 2018. "Modelling Monthly Headline Consumer Price Index (HCPI) through Seasonal Box-Jenkins Methodology," International Journal of Sciences, Office ijSciences, vol. 7(01), pages 51-56, January.
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    4. Edmund TAMUKE & Emerson JACKSON & Abdulai SILLAH, 2018. "Forecasting Inflation In Sierra Leone Using Arima And Arimax: A Comparative Evaluation. Model Building And Analysis Team," Theoretical and Practical Research in the Economic Fields, ASERS Publishing, vol. 9(1), pages 63-74.
    5. Dean S. Karlan, 2005. "Using Experimental Economics to Measure Social Capital and Predict Financial Decisions," American Economic Review, American Economic Association, vol. 95(5), pages 1688-1699, December.
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    7. John Mingers, 2001. "Combining IS Research Methods: Towards a Pluralist Methodology," Information Systems Research, INFORMS, vol. 12(3), pages 240-259, September.
    8. Jackson, Emerson Abraham, 2018. "On the question of the relevance of Economics as a science: Postmodern filosofia critique," EconStor Preprints 177393, ZBW - Leibniz Information Centre for Economics.
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    11. EMERSON Abraham Jackson, 2018. "Comparison Between Static And Dynamic Forecast In Autoregressive Integrated Moving Average For Seasonally Adjusted Headline Consumer Price Index," Revista Economica, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 70(1), pages 53-65, August.
    12. Boland, L.A., 1999. "Critical Realism vs. Economic Rhetoric," Discussion Papers dp99-5, Department of Economics, Simon Fraser University.
    13. Paul Downward & Andrew Mearman, 2007. "Retroduction as mixed-methods triangulation in economic research: reorienting economics into social science," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 31(1), pages 77-99, January.
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    16. Emerson JACKSON & Edmund TAMUKE, 2018. "Probability Forecast Using Fan Chart Analysis A Case of the Sierra Leone Economy," Journal of Advanced Studies in Finance, ASERS Publishing, vol. 9(1), pages 34-44.
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    1. Jackson, Emerson Abraham, 2017. "Book Review of Introduction to Dynamic Macroeconomic General Equilibrium Models (2nd Ed) Wilmington, DE: Vernon Press, 2015. 282p ISBN: 978-1-62273-030-8 (Hardcover) written by Josh L. Torres," MPRA Paper 98172, University Library of Munich, Germany, revised 09 Jan 2018.

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    More about this item

    Keywords

    Theoretical; Methodological Intervention; Postmodern; Critical Realism; Econometrics;
    All these keywords.

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
    • C18 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Methodolical Issues: General

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