Re: PK and Econometrics

["eperez" <eperez@xxxxxxxxx>]

You should take a look at the econometric work of John Foster
(close to PK economics).

(i) "The determination of Sterling M3, 1963-1988. An evolutionary
macroeconomic approach." Economic Journal , 102, May 1992.

"..supply of M3 which is viewed as the outcome of a historical
process....driven by institutionalised behaviour..."


(ii) "Econometric Modelling in the presence of evolutionary
change." CJE, Nov. 1999

"there need be no fixed long-run equilibrium outcome, but, rather,
a moving (or non-) equilibrium process that contains...´inherent non-
stationarity due to innovative human behaviour or natural
processes´."

From:           	Jochen.Hartwig@xxxxxxxx
To:             	POST-KEYNESIAN THOUGHT <pkt@xxxxxxxxxxxxxxxx>
Date sent:      	Tue, 8 Feb 2000 14:48:48 +0100
Subject:        	PK and Econometrics
Send reply to:  	pkt@xxxxxxxxxxxxxxxx

Tony Lawson (The Nature of Post Keynesianism and its links to other traditions.
a realist perspective, in: JPKE 16, No. 4 (1994)) claims that Post Keynesians
are united by a "transcendental realist, antipositivist, conception  of the
social realm" which is - from his point of view - incompatible with econometric
methods, i.e. "methods that in effect presuppose atomism and closure ... to a
world or environment that is essentially organic/ holistic and open" (p. 527).
My questions: Must we dismiss econometrics? Can anyone recommend Post Keynesian
books/papers which hold an opposite view?
Kind regards

Jochen Hartwig
University of St. Gallen
Switzerland

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