ICEOS-2012

Published Version of Article is IER01MMEC05 -- This is Methodological Mistakes and Econometric Consequences

LINK to recorded talk -- Slides+Audio -- at PIDE

A detailed exposition of Hendry's Methodology, as presented in DHSY

ABSTRACT: Econometric Methodology is based on logical positivist principles. Since logical positivism has collapsed, it is necessary to re-think these foundations. We show that positivist methodology has led econometricians to a meaningless search for patterns in the data. An alternative methodology which relates observed patterns to real causal structures is proposed.

SOME of the references cited in the paper, and some related works are also collected below:

Review Causality is a very nice exposition of Pearl;s DAG -- Directed Acyclic Graphs for Causality

Graphical Methods, Inductive Causal Inference,

and Econometrics: A Literature Review

Dae-Heum Kwon · David A. Bessler

Comput Econ (2011) 38:85–106

DOI 10.1007/s10614-010-9236-9

The Role of Econometrics in Scientific Economics

David F. Hendry.

Nuffield College, Oxford, U.K.

March 31, 2008

Further to my response earlier this month about the old EES paper, publication details are as follows :

‘Le Role de l’econometrie dans l’economie scientifique’, 172-196 in A.d’Autume and J.Cartelier (eds) L’Economie Devient-elle une Science Dure. Paris: Economica, 1995. Reprinted in English as ‘The Role of Econometrics in Scientific Economics’, 165-186 in Is Economics Becoming a Hard Science? by Edward Elgar, 1997.

However, attached is a more recent recreation of this paper.