ISBN-10:
1858983053
ISBN-13:
9781858983059
Pub. Date:
06/29/2006
Publisher:
Edward Elgar Publishing
Putting Econometrics in Its Place: A New Direction in Applied Economics

Putting Econometrics in Its Place: A New Direction in Applied Economics

by G. M.P. SwannG. M.P. Swann

Hardcover

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Overview

Putting Econometrics in its Place is an original and fascinating book, in which Peter Swann argues that econometrics has dominated applied economics for far too long and displaced other essential techniques. While Peter Swann is critical of the monopoly that econometrics currently holds in applied economics, the more important and positive contribution of the book is to propose a new direction and a new attitude to applied economics.


The advance of econometrics from its early days has been a massive achievement, but it has also been problematic; practical results from the use of econometrics are often disappointing. The author argues that to get applied economics back on course economists must use a much wider variety of research techniques, and must once again learn to respect vernacular knowledge of the economy. This vernacular includes the knowledge gathered by ordinary people from their everyday interactions with markets. While vernacular knowledge is often unsystematic and informal, it offers insights that can never be found from formal analysis alone.


As a serious, original and sometimes contentious book, its readership will be varied and international. Scholars throughout the many fields of economics – both skilled and unskilled in econometrics – are likely to be intrigued by the serious alternative approaches outlined within the book. It will also appeal to communities of economists outside economics departments in government, industry and business as well as business and management schools. Research centres for applied economics, policy research and innovation research, will also find it of interest due to its focus on getting reliable results rather than methodological orthodoxy for its own sake.

Product Details

ISBN-13: 9781858983059
Publisher: Edward Elgar Publishing
Publication date: 06/29/2006
Edition description: New Edition
Pages: 264
Product dimensions: 6.12(w) x 9.25(h) x (d)

About the Author

G.M. Peter Swann, Emeritus Professor of Industrial Economics, Nottingham University Business School, UK

Table of Contents

Contents:


Preface


PART I: WHAT IS APPLIED ECONOMICS?


1. Introduction


2. Economics Will Only be Applied if it is Applied


3. Econometrics as Alchemy?


PART II: THE FORMAL IN APPLIED ECONOMICS


4. The Surveyor’s Dream


5. What Do the Critics Say is Wrong?


6. The Problem of the Signal-to-Noise Ratio


PART III: THE VERNACULAR IN APPLIED ECONOMICS


7. Vernacular Economics


8. The Vernacular as Local Knowledge


9. Economic Research as Composition


PART IV: TEN APPROACHES TO APPLIED ECONOMICS


10. Plurality: Why and What?


11. Applied Econometrics


12. Experimental Economics


13. Surveys and Questionnaires


14. Simulation


15. Engineering Economics


16. Economic History and History of Economic Thought


17. Case Studies


18. Interviews


19. Common Sense and Intuition


20. Metaphor


21. Innovative Economics: An Essential Miscellany


PART V: THE FUTURE IN APPLIED ECONOMICS


22. Danger in the Present Trajectory


23. Changing Attitudes


24. How Do We Make the Future Happen?


25. Conclusion


References

Index

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