The unrealistic realist philosophy. The ontology of econometrics revisited

The argument put forth in this article shows that the hitherto scientific-realist approaches to econometrics are incongruent with the realistically reconstructed empirical macroeconomics. The SR approaches share in common being realist about the relations depicted by (successful) models. The economi...

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Bibliographic Details
Published in:The journal of philosophical economics 2019-10, Vol.13 (1), p.39-64
Main Author: Maziarz, Mariusz
Format: Article
Language:English
Subjects:
Econometrics
Economic models
Economics
Macroeconomics
Ontology
Philosophy of science
Realism
Success
Variables
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Summary:The argument put forth in this article shows that the hitherto scientific-realist approaches to econometrics are incongruent with the realistically reconstructed empirical macroeconomics. The SR approaches share in common being realist about the relations depicted by (successful) models. The economic models of data are sensitive to minor changes in sample and estimating methods what creates the 'emerging contrary result' phenomenon: the community of econometricians accept models that are inconsistent. Being SR about econometrics equals committing oneself to the following trilemma: (1) it is feasible to indicate the successful models that rightly isolate/idealize the regularities of the economy (the knowledge thesis); (3) econometric models are about the economic world (the independence thesis); and, at least in some areas of application, (3) successful econometric models contradict each other.
ISSN:1843-2298
1844-8208