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Rethinking economics: Logical gaps – theory to empirical

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  • Stuart Birks

    (University of the West of England, Bristol and Massey University, New Zealand)

Abstract

Economists have focused on the development of theory, with a heavy focus on internal logical consistency. There has also been much effort devoted to the development of suitable empirical techniques, in particular econometrics. Less attention has been given to the requirements for applying the latter, econometrics, to analyse relationships specified in the former, theory. This paper considers some aspects of this link. Two broad aspects are addressed, namely data issues and functional specification. Three data issues are discussed, those of aggregation, the use of proxy variables, and the nature and use of index variables. These aspects of functional relationships are then discussed. They are the use of control variables, the nature of causality, and the need for structural stability. The overall implications are that many problems are assumed away in empirical economic analysis. These can fundamentally distort the findings and hence provide misleading information for policy makers.

Suggested Citation

  • Stuart Birks, 2012. "Rethinking economics: Logical gaps – theory to empirical," Working Papers 20121216, Department of Accounting, Economics and Finance, Bristol Business School, University of the West of England, Bristol.
    • Handle: RePEc:uwe:wpaper:20121216
    as

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    File URL: http://www2.uwe.ac.uk/faculties/BBS/BUS/Research/economics2012/1216.pdf
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    References listed on IDEAS

    as
    1. Stuart Birks, 2012. "Rethinking economics: theory as rhetoric," Working Papers 20121213, Department of Accounting, Economics and Finance, Bristol Business School, University of the West of England, Bristol.
    2. Stuart Birks, 2006. "Discounting Health Effects in Pharmacoeconomic Evaluations: Current Controversies," PharmacoEconomics, Springer, vol. 24(12), pages 1273-1274, December.
    3. Michael Bruno & Guido Di Tella & Rudiger Dornbusch & Stanley Fischer, 1988. "Inflation Stabilization: The Experience of Israel, Argentina, Brazil, Bolivia, and Mexico," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262022796, April.
    4. Christian Morrisson, 2002. "Health, Education and Poverty Reduction," OECD Development Centre Policy Briefs 19, OECD Publishing.
    5. Sonalde Desai & Soumya Alva, 1998. "Maternal education and child health: Is there a strong causal relationship?," Demography, Springer;Population Association of America (PAA), vol. 35(1), pages 71-81, February.
    Full references (including those not matched with items on IDEAS)

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