Abstract
Philosophy of econometrics is concerned with the systematic study and appraisal of general principles, statistical procedures and modeling strategies, as well as philosophical presuppositions that underlie econometric methods, with a view to evaluate their effectiveness in achieving the primary objective of ‘learning from data’ about economic phenomena of interest. In philosophical jargon it is a core area of the philosophy of economics, concerned primarily with epistemological and metaphysical issues pertaining to the empirical foundations of economics. In particular, it pertains to methodological issues having to do with the effectiveness of statistical methods and procedures used in empirical inquiry, as well as ontological issues concerned with the worldview of the econometrician. Applied econometricians, grappling with the complexity of bridging the gap between theory and data, face numerous philosophical/methodological issues pertaining to transforming non-experimental, noisy and incomplete data into reliable evidence for or against a substantive hypothesis or a theory.
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