A Critique of Econometrics

Yu, Bin

doi:10.13169/worlrevipoliecon.10.2.0246

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World Review of Political Economy

Volume 10, Issue 2

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Abstract: found
Article: found

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A Critique of Econometrics

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research-article

Author(s): Bin Yu

Publication date (Print): 1 July 2019

Journal: World Review of Political Economy

Publisher: Pluto Journals

Keywords: econometrics, economic research, Marxist political economics, applied mathematics, mathematical statistics

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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.

Content

Author and article information

Journal

Journal ID (doi): 10.2307/j50005553

Journal ID (jcode): worlrevipoliecon

Title: World Review of Political Economy

Publisher: Pluto Journals

ISSN: 2042-891X

ISSN: 2042-8928

Publication date (Print): 1 July 2019

Volume: 10

Issue: 2 ( doiID: 10.13169/worlrevipoliecon.10.issue-2 )

Pages: 246-262

Article

Publisher ID: worlrevipoliecon.10.2.0246

DOI: 10.13169/worlrevipoliecon.10.2.0246

SO-VID: 4314fa1b-f186-4704-9dc4-ec27add01417

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lang eng

ScienceOpen disciplines: Political economics

Keywords: applied mathematics,econometrics,economic research,Marxist political economics,mathematical statistics

References

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Comments

Comment on this article

[1] Green, W. H. 2011. Econometric Analysis, vol. 1. 6th ed. [In Chinese.] Beijing: China Renmin University Press.

[2] Gu, W., F. Cai, and D. Wu. 1986. “Discussion on the Variable Coefficient in the Macroeconometric Model.” [In Chinese.] Journal of Quantitative & Technical Economics, no. 2: 29–35.

[3] Hendry, D. F. 1998. Dynamic Econometrics. [In Chinese.] Shanghai: Shanghai People's Publishing House.

[4] Jin, T. 2015. “Several Problems in the Application of Granger Causality Test.” [In Chinese.] Journal of Quantitative & Technical Economics, no. 4: 149–160.

[5] Keynes, J. M. 2006. General Theory of Employment, Interest and Money. [In Chinese.] Beijing: Commercial Press.

[6] Lenin, V. 1984. Lenin Collected Works, vol. 4. [In Chinese.] Beijing: People's Publishing House.

[7] Lenin, V. 1995. Lenin Selected Works, vol. 2. [In Chinese.] Beijing: People's Publishing House.

[8] Li, J., Y. Zheng, S. Yang, and F. Gong. 1992. “An Analysis of China's Economic Growth.” [In Chinese.] Social Sciences in China, no. 1: 15–36.

[9] Lin, Q., and F. Yang. 2011. “Financial Openness and Economic Growth—An Empirical Analysis Based on Panel Threshold Model.” [In Chinese.] Chinese Journal of Applied Probability and Statistics, no. 2: 163–171.

[10] Ma, S., Y. Yi, and X. Wang. 2017. “An Analysis of China's Grain Production Based on Econometric Model.” [In Chinese.] Contemporary Economics, no. 25: 84–87.

[11] Marx, K. 2004a. Capital, vol. 1. [In Chinese.] Beijing: People's Publishing House.

[12] Marx, K. 2004b. Capital, vol. 2. [In Chinese.] Beijing: People's Publishing House.

[13] Marx, K. 2004c. Capital, vol. 3. [In Chinese.] Beijing: People's Publishing House.

[14] Marx, K., and F. Engels. 1964. Marx and Engels Collected Works, vol. 16. [In Chinese.] Beijing: People's Publishing House.

[15] Marx, K., and F. Engels. 2009a. Marx and Engels Selected Works, vol. 9. [In Chinese.] Beijing: People's Publishing House.

[16] Marx, K., and F. Engels. 2009b. Marx and Engels Selected Works, vol. 2. [In Chinese.] Beijing: People's Publishing House.

[17] Perkins, J. 2006. The Confessions of an Economic Hit Man. [In Chinese.] Guangdong: Guangdong Economic Press.

[18] Pindyck, R. S., and D. L. Rubinfeld. 1999. Econometric Model and Economic Forecast. [In Chinese.] Beijing: Mechanical Industry Press.

[19] Samuelson, P. A., and W. D. Nordhaus. 2004. Macroeconomics. 17th edition. [In Chinese.] Beijing: People's Posts and Telecommunications Press.

[20] Tang, P., and Y. Liu. 2008. “An Analysis of China's Stock Market Volatility Based on Macroeconomic Variables.” [In Chinese.] Journal of Finance and Economics, no. 6: 18–24.

[21] Yu, B. 2008. Quantitative Analysis in Management—Analysis of Local Cases in China. [In Chinese.] Beijing: China Economic Publishing House.

[22] Yu, B. 2014. Critique of Microeconomics. [In Chinese.] Beijing: Oriental Publishing House.

[23] Zhang, P. 1997. “Statistical Test, Institutional Interpretation and Macro-Effect Analysis of Consumer Behavior.” [In Chinese.] Economic Research Journal, no. 2: 43–51.