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The Standard Error of Regressions

Journal of economic literature, 1996-03, Vol.34 (1), p.97-114 [Peer Reviewed Journal]

Copyright 1996 American Economic Association ;Copyright American Economic Association Mar 1996 ;ISSN: 0022-0515 ;EISSN: 2328-8175 ;CODEN: JECLB3

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Title:
The Standard Error of Regressions
Author: McCloskey, Deirdre N. ; Ziliak, Stephen T.
Subjects: Econometrics ; Economic models ; Economic statistics ; Economic surveys ; Economic theory ; Economic value ; Economics ; Effectiveness ; Foreign exchange markets ; Hypotheses ; Investigations ; Null hypothesis ; Prices ; Purchasing power parity ; Regression analysis ; Standard error ; Statistical methods ; Statistical significance ; Statistics ; Studies ; Words
Is Part Of: Journal of economic literature, 1996-03, Vol.34 (1), p.97-114
Description: An examination is made of the alarming hypothesis that ordinary usage in economics takes statistical significance to be the same as economic significance. Statistical best practice is compared against leading textbooks of recent decades and against the papers using regression analysis in the 1980s in the American Economic Review. Contrary to the decisive rhetoric of rejection in the mechanical test, statistical significance has not in fact changed the minds of economic scientists. In a way, the insignificance of significance tests in scientific debate is comforting. Economists have not been fooled, even by their own mistaken beliefs about statistical significance. To put it another way, no economist has achieved scientific success as a result of a statistically significant coefficient. Massed observations, clever common sense, elegant theorems, new policies, sagacious economic reasoning, historical perspective, relevant accounting - these all have led to scientific success. Statistical significance has not.
Publisher: Nashville, Tenn: American Economic Association
Language: English
Identifier: ISSN: 0022-0515
EISSN: 2328-8175
CODEN: JECLB3
Source: ProQuest Central

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The Standard Error of Regressions

Copyright 1996 American Economic Association ;Copyright American Economic Association Mar 1996 ;ISSN: 0022-0515 ;EISSN: 2328-8175 ;CODEN: JECLB3

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