Sign-In
Cart
Rescuing Econometrics: From the Probability Approach to Probably Approximately Correct Learning
Paperback
Series: Routledge INEM Advances in Economic Methodology
ISBN13: 9781032586076
Publisher: Routledge
Published: May 27 2025
Pages: 100
Weight: 0.38
Height: 0.24 Width: 6.14 Depth: 9.21
Language: English
Haavelmo's 1944 monograph, The Probability Approach in Econometrics, is widely acclaimed as the manifesto of econometrics. This book challenges Haavelmo's probability approach, shows how its use is delivering defective and inefficient results, and argues for a paradigm shift in econometrics towards a full embrace of machine learning, with its attendant benefits.
Machine learning has only come into existence over recent decades, whereas the universally accepted and current form of econometrics has developed over the past century. A comparison between the two is, however, striking. The practical achievements of machine learning significantly outshine those of econometrics, confirming the presence of widespread inefficiencies in current econometric research. The relative efficiency of machine learning is based on its theoretical foundation, and particularly on the notion of Probably Approximately Correct (PAC) learning. Careful examination reveals that PAC learning theory delivers the goals of applied economic modelling research far better than Haavelmo's probability approach. Econometrics should therefore renounce its outdated foundation, and rebuild itself upon PAC learning theory so as to unleash its pent-up research potential. The book is catered for applied economists, econometricians, economists specialising in the history and methodology of economics, advanced students, philosophers of social sciences.
Also from
Qin, Duo
Rescuing Econometrics: From the Probability Approach to Probably Approximately Correct Learning
Qin, Duo
Hardcover
Also in
Economics
The Unity of the Capitalist Economy and State: A Systematic-Dialectical Exposition of the Capitalist System
Reuten, Geert
Paperback
1929: Inside the Greatest Crash in Wall Street History--And How It Shattered a Nation
Sorkin, Andrew Ross
Hardcover
Why Nations Fail: The Origins of Power, Prosperity, and Poverty
Acemoglu, Daron
Robinson, James A.
Paperback
Our Dollar, Your Problem: An Insider's View of Seven Turbulent Decades of Global Finance, and the Road Ahead
Rogoff, Kenneth
Hardcover
1929: Inside the Greatest Crash in Wall Street History--And How It Shattered a Nation (Large Print Edition)
Sorkin, Andrew Ross
Paperback
Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System--and Themselves
Sorkin, Andrew Ross
Paperback
A History of the United States in Five Crashes: Stock Market Meltdowns That Defined a Nation
Nations, Scott
Paperback
Broken Money: Why Our Financial System is Failing Us and How We Can Make it Better
Alden, Lyn
Paperback
The Price of Democracy: The Revolutionary Power of Taxation in American History
Williamson, Vanessa S.
Hardcover
Burned by Billionaires: How Concentrated Wealth and Power Are Ruining Our Lives and Planet
Collins, Chuck
Hardcover
The Lords of Easy Money: How the Federal Reserve Broke the American Economy
Leonard, Christopher
Paperback
Baby Steps Millionaires: How Ordinary People Built Extraordinary Wealth--And How You Can Too
Ramsey, Dave
Hardcover
The World's Worst Bet: How the Globalization Gamble Went Wrong (and What Would Make It Right)
Lynch, David J.
Hardcover
Principles for Dealing with the Changing World Order: Why Nations Succeed and Fail
Dalio, Ray
Hardcover
The Winner's Curse: Behavioral Economics Anomalies, Then and Now
Thaler, Richard H.
Imas, Alex
Hardcover
The Invention of Infinite Growth: How Economists Came to Believe a Dangerous Delusion
Jones, Christopher F.
Hardcover
The Power of Creative Destruction: Economic Upheaval and the Wealth of Nations
Antonin, Céline
Bunel, Simon
Aghion, Philippe
Paperback
Planet Money: A Guide to the Economic Forces That Shape Your Life
Hosts of Npr's Planet Money
Mayyasi, Alex
Hardcover
Freakonomics Revised and Expanded Edition: A Rogue Economist Explores the Hidden Side of Everything
Levitt, Steven D.
Dubner, Stephen J.
Paperback
The Idea of America: Reflections on Inequality, Democracy, and the Values We Share
Walker, Darren
Hardcover
The Sovereign Individual: Mastering the Transition to the Information Age
Rees-Mogg Lord William
Rees-Mogg Lord William, Lord William
Davidson, James Dale
Paperback
5 Steps to a 5: AP Microeconomics 2026: Practice AP Tests + AP Content Review + Digital Exams
Dodge, Eric R.
Paperback
Louder Than Words: Take Your Career from Average to Exceptional with the Hidden Power of Nonverbal Intelligence
Navarro, Joe
Poynter, Toni Sciarra
Paperback
Power and Progress: Our Thousand-Year Struggle Over Technology and Prosperity
Johnson, Simon
Acemoglu, Daron
Paperback
Vulture Capitalism: Corporate Crimes, Backdoor Bailouts, and the Death of Freedom /]Cby Grace Blakeley
Blakeley, Grace
Paperback
The World Order - Our Secret Rulers: A Study in the Hegemony of Parasitism
Mullins, Eustace Clarence
Paperback
Two Paths to Prosperity: Culture and Institutions in Europe and China, 1000-2000
Greif, Avner
Mokyr, Joel
Tabellini, Guido
Hardcover
Poor Economics: A Radical Rethinking of the Way to Fight Global Poverty
Banerjee, Abhijit V.
Duflo, Esther
Paperback
Economics in One Lesson: The Shortest and Surest Way to Understand Basic Economics
Hazlitt, Henry
Paperback
When McKinsey Comes to Town: The Hidden Influence of the World's Most Powerful Consulting Firm
Bogdanich, Walt
Forsythe, Michael
Paperback
Predictably Irrational, Revised and Expanded Edition: The Hidden Forces That Shape Our Decisions
Ariely, Dan
Paperback
The Triumph of Economic Freedom: Debunking the Seven Great Myths of American Capitalism
Gramm, Phil
Boudreaux, Donald J.
Hardcover
The Capital Order: How Economists Invented Austerity and Paved the Way to Fascism
Mattei, Clara E.
Paperback
Bitcoin Is for Everyone: Why Our Financial System Is Broken and Bitcoin Is the Solution
Brunell, Natalie
Paperback
Who Gets What -- And Why: The New Economics of Matchmaking and Market Design
Roth, Alvin E.
Paperback
Financial Literacy for All: Disrupting Struggle, Advancing Financial Freedom, and Building a New American Middle Class
Bryant, John Hope
Paperback
The Ascent of Money: A Financial History of the World: 10th Anniversary Edition
Ferguson, Niall
Paperback
Freakonomics Twentieth Anniversary Edition: A Rogue Economist Explores the Hidden Side of Everything
Levitt, Steven D.
Dubner, Stephen J.
Paperback
Blood and Treasure: The Economics of Conflict from the Vikings to the Modern Era
Weldon, Duncan
Hardcover
The Privatization of Everything: How the Plunder of Public Goods Transformed America and How We Can Fight Back
Cohen, Donald
Mikaelian, Allen
Paperback
This Time Is Different: Eight Centuries of Financial Folly
Rogoff, Kenneth S.
Reinhart, Carmen M.
Paperback
Startup Campus: How Uc Berkeley Became an Unexpected Leader in Entrepreneurship and Startups
Alvarez Cohen, Mike
Hardcover
The Sirens' Call: How Attention Became the World's Most Endangered Resource (Large Print Edition)
Hayes, Chris
Paperback
Stubborn Attachments: A Vision for a Society of Free, Prosperous, and Responsible Individuals
Cowen, Tyler
Hardcover
9 Hábitos Japoneses Que Cambiarán Tu Vida / 9 Japanese Habits That Will Change Your Life
Rodríguez, Andrea
Paperback
Financial Literacy for All: Disrupting Struggle, Advancing Financial Freedom, and Building a New American Middle Class
Bryant, John Hope
Hardcover
How Adam Smith Can Change Your Life: An Unexpected Guide to Human Nature and Happiness
Roberts, Russ
Paperback
Talking to My Daughter about the Economy: Or, How Capitalism Works--And How It Fails
Varoufakis, Yanis
Paperback
Trade Wars Are Class Wars: How Rising Inequality Distorts the Global Economy and Threatens International Peace
Klein, Matthew C.
Pettis, Michael
Paperback
Investing in U.S. Financial History: Understanding the Past to Forecast the Future
Higgins, Mark J.
Hardcover
Crack-Up Capitalism: Market Radicals and the Dream of a World Without Democracy
Slobodian, Quinn
Paperback
Understandable Economics: Because Understanding Our Economy Is Easier Than You Think and More Important Than You Know
Yaruss, Howard
Paperback
It's on You: How Corporations and Behavioral Scientists Have Convinced Us That We're to Blame for Society's Deepest Problems
Chater, Nick
Loewenstein, George
Hardcover
Economics 101, 2nd Edition: From Consumer Behavior to Competitive Markets--Everything You Need to Know about Economics
Cagan, Michele
Mill, Alfred
Hardcover
1929: The Wall Street Crash That Shattered the American Economy and Ignited the Great Depression
University History
Paperback
When Money Dies: The Nightmare of Deficit Spending, Devaluation, and Hyperinflation in Weimar Germany
Fergusson, Adam
Paperback
AP Microeconomics/Macroeconomics Premium, Eighth Edition: Prep Book with 4 Practice Tests + Comprehensive Review + Online Practice (2026)
Musgrave, Frank
Kacapyr, Elia
Redelsheimer, James
Paperback
The Internationalization of Capital: Imperialism and Capitalist Development on a World Scale
Berberoglu, Berch
Hardcover
Startup Campus: How Uc Berkeley Became an Unexpected Leader in Entrepreneurship and Startups
Alvarez Cohen, Mike
Paperback
Why Nations Fail: The Origins of Power, Prosperity, and Poverty
Acemoglu, Daron
Robinson, James A.
Hardcover
The Price of Peace: Money, Democracy, and the Life of John Maynard Keynes
Carter, Zachary D.
Paperback
Crossing the Cactus: A Blueprint for Tech Commercialization Success Outside Silicon Valley
Blivin, David C.
Paperback
Shocks, Crises, and False Alarms: How to Assess True Macroeconomic Risk
Carlsson-Szlezak, Philipp
Swartz, Paul
Hardcover
Prisoners of the American Dream: Politics and Economy in the History of the Us Working Class
Davis, Mike
Paperback
The Deficit Myth: Modern Monetary Theory and the Birth of the People's Economy
Kelton, Stephanie
Paperback
Think Like a Freak: The Authors of Freakonomics Offer to Retrain Your Brain
Levitt, Steven D.
Dubner, Stephen J.
Paperback
The Designing Dynamic Organizations: A Hands-on Guide for Leaders at All Levels
Downey, Diane
Galbraith, Jay
Kates, Amy
Paperback
The Wealth of Nations: The Economics Classic - A Selected Edition for the Contemporary Reader
Smith, Adam
Hardcover
Manias, Panics, and Crashes: A History of Financial Crises
Kindleberger, Charles P.
McCauley, Robert N.
Aliber, Robert Z.
Paperback
The Destiny of Civilization: Finance Capitalism, Industrial Capitalism or Socialism
Hudson, Michael
Paperback
Random Acts of Medicine: The Hidden Forces That Sway Doctors, Impact Patients, and Shape Our Health
Jena, Anupam B.
Worsham, Christopher
Paperback
The Black Tax: 150 Years of Theft, Exploitation, and Dispossession in America
Kahrl, Andrew W.
Paperback
Sacred Economics, Revised: Money, Gift & Society in the Age of Transition
Eisenstein, Charles
Paperback