chapter  11
22 Pages

The role of econometrics in the neoclassical research program

ByJAMES R. WIBLE, NORMAN H. SEDGLEY, III

In recent years, prominent practitioners of applied empirical economics have become critical of the role and practice of econometrics within economic science. An entirely “endogenous” methodological literature has grown up with econometricians such as Edward Leamer and David Hendry and applied theorists and policy specialists Lawrence Summers, Kevin Hoover, Thomas Mayer, and others raising conceptual and philosophical questions about the conduct and place of econometrics within economic science.1 This is unusual because methodological debates typically feature methodologists almost exclusively. For the most part, methodologists are generalists who do not practice econometrics or whatever subdiscipline is being scrutinized.