Rational Econometric Man

Rational Econometric Man

Transforming Structural Econometrics

Edward J. Nell and Karim Errouaki

This challenging and original book takes a fresh, innovative look at econometrics, and re-examines the scientific standing of structural econometrics as developed by the founders (Frisch and Tinbergen) and extended by Haavelmo and the Cowles modellers (particularly Klein) during the period 1930–1960.

Chapter 5: Variables, laws and induction II: scientific variables and scientific laws in economics

Edward J. Nell and Karim Errouaki

Subjects: economics and finance, econometrics


The pattern of argument set out in Chapter 4 will now be adapted to the case of economics, to justify the existence of ‘economic laws’. With important caveats, economic laws are indeed law like and economics has some similarity to natural science; but there are significant differences, too, differences that the early econometricians may have failed to see clearly.

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