Abstract
As a result of the use of mathematical tools, Western econometrics is regarded as a symbol of what is, as well as trends of, real scientific economic research. It has become an excuse and tool for the uncritical maintenance of Western macroeconomics and microeconomics, opposing and marginalizing Marxist political economy. However, mathematics is not derived or used scientifically in econometrics, so the research results are not scientific but ideological. This paper will explore, in addition to the lack of scientific economic foundations, uncritical data use, insufficient philosophical guidance and mathematical foundations, and some other defects that have also existed in econometrics. The application of mathematics in economic research must strictly follow the theory-praxis principles of Marxist political economy, otherwise even minimal deviation may result in wide divergence from aspects of reality analyzed and modeled. Besides, the laws of mathematics must be strictly followed, the limitations of mathematics should be paid attention to, and mathematics should never be applied in ways that hide rather than illuminate reality. Otherwise, nothing will be obtained except chaos, fallacies and ideology-rhetoric.
Highlights
As a result of the use of mathematical tools, Western econometrics is regarded as a symbol of what is, as well as trends of, real scientific economic research
As a result of the a priori hypothetico-deductivist use–misuse of mathematical tools, Western econometrics is regarded as a symbol-model of true scientific economic research as well as scientific trend; and has become a tool-basis for maintaining supposed superiority of Western economics
As a kind of economics, it is not valid as other economic theories of Western economics, such as microeconomics and macroeconomics even if it is packaged mathematically
Summary
As a result of the use of mathematical tools, Western econometrics is regarded as a symbol of what is, as well as trends of, real scientific economic research. This is because the econometric model using the least squares method requires that the variable is a normal distribution with a value range of (–∞, +∞), and the general economic indicators are greater than zero, so it is necessary to take logarithm to change its range of values.
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