Transforming Structural Econometrics
Chapter 9: Haavelmo and beyond: probability, uncertainty, specification and stochasticism
Haavelmo (1944) provided the unifying foundations for present day econometrics. Although many have written about his contribution, his work has not been integrated within a more general philosophy of science. Since Haavelmo (1944), extraordinary advances have been made in econometrics. However, since the early 1990s the efficacy and scientific status of econometrics have become questionable. Not surprisingly, the growing discontent with econometrics has been accompanied by a growing interest in econometric methodology. Spanos (2007, p. 2) has noted that the focus in the econometric literature since the early 1960s has been primarily on technical issues. But he doesn’t think much advance has been made. He wrote (ibid., p. 3).
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