Analyses the influence of value judgements in the mechanics oftesting econometric theories against empirical data. The orthodox viewof mainstream, positive economics is that value judgements play no partin the above process. Contests this view defines value judgements andshows the orthodox conception to be too narrow, compared with themeaning and use of the term in other disciplines. Reviews many publishedexamples from the 1970s and 1980s and ways in which value judgementshave affected testing procedures in economics. Hypothesis testing viaeconometric techniques is fraught with value judgements because theapplication of statistical methodology is not a determinate, neutral orobjective process.
International Journal of Social Economics – Emerald Publishing
Published: Feb 1, 1992
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