Summary There is a crisis in the understanding of probability that arose because of a mistaken view that was accepted by the economist community. This view was that all uncertainty could be describe with the aid of probabilistic models. The view that was left behind was that of Keynes and Knight who distinguished ordinary risk …
Continue reading “Understanding Statistical Distributions: A Summary and Response”
This is continuing from Dr. Zaman’s comments on my post about certain observations on the introductory chapter in the Econometrics textbook by Greene. In the post, I had raised a question regarding a footnote in the textbook where Greene mentions that modern econometric analysis begins with “behavioural axioms.” This means that there are certain “axiomatic …
Continue reading “Is Scientific Methodology Axiomatic? A Summary and Response”
How exactly are generations of really zaheen students indoctrinated through graduate programs in economics? How are obviously questionable ideas internalized by the best of the best at the best schools across the world? Many economists admit that there is something seriously wrong with the theories and ideas being taught and yet they continue to teach …
Continue reading “Textbook Analysis: Econometric Analysis by William Greene”
Real Statistics Sharaf al-Dīn al-Ṭūsī Group (A) - Dr Asad Zaman