Methodologies of positive economics - Trygve Haavelmo
5 important questions on Methodologies of positive economics - Trygve Haavelmo
What was Trygve Haavelmo's contribution to the development of econometrics?
Nature generates economic data samples (generated by data generating process (DGP). We should express economic models in terms of statistical relationships and test hypotheses to learn about this DGP (error terms)
What is the problem of passive observations?
What is Haavelmo's distinction between factual and potential influences?
2. Factual influence: when you multiply the independent factor y with the independent factor x1. There are n factual influences
We can only measure factual influence
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What was Haavelmo's strategy to find economic laws?
y = F(x1,x2,...,xn)
2. Test and keep only variables that have a non-negligible effect ( only keep x values significant effect)
y = F(x1,x2)
--> Stable relation; regularity within the data (economic law)
HOWEVER: can be possible that we throw away data that has potential influence on y
Worked out in the general-to-specific approach (LSE)
What were the two thing that Haavelmo influenced in modern day econometrics?
2. Simultaneous equations econometrics and hypothesis testing (Cowles Commission)
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