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Table of Contents
Intro; Preface; Contents; List of Figures; List of Tables; Abstract; 1 Patents and Economics; 1.1 Linkage Between Patents and Economics; 1.2 Cutting Through Economics Jungle; 1.3 Wading Through Patent Turbulence; 1.4 Necessary Patent Reforms; 1.5 The Post-capitalist and Post-patentist Eras; References; 2 Logic, Politics and Economics-A Brief History of Political Economy; 2.1 Formulation of Ideas from Practice; 2.1.1 Chinese Thought; 2.1.2 Greek Thought; 2.1.3 Arab-Islamic Thought; 2.1.4 Scholasticism; 2.1.5 Mercantilism; 2.1.6 Physiocracy; 2.2 Contest of Ideas Based on Logical Reasoning
2.2.1 Moralists v.s. Underconsumptionists2.2.2 Nature of International Trade and Causes of Wealth of Nations; 2.2.3 Government Intervention v.s. Laissez-Faire; 2.2.4 The Puzzle of Value Determination; 2.2.5 Income Distribution and the Fate of Capitalism; 2.2.6 Say's Law of Market v.s. Keynes' Excess of Saving; 2.2.7 Profit and Interest Explained; 2.2.8 Nominal Value, Real Value, Relative Value and Money Illusion; 2.2.9 Contextual v.s. Abstract Approaches; 2.2.10 Decline of Macroeconomic Theories; 2.3 Theories and Empirical Evidence; 2.3.1 Common-Sense Empirical Approach
2.3.2 Systematic Use of Data2.3.3 Probability Approach; 2.3.4 The 'Great' Empirical Period; 2.3.5 Fallacies and Limitations in Empirical Studies; 2.4 Progression of Scientific Research and the Future of Economics; 2.4.1 Nature of Scientific Research and Hypotheses on Progression of Science; 2.4.2 Economics as an Art and as a Science; 2.4.3 Future of Economics; 2.4.3.1 Emphasizing Logical Thinking; 2.4.3.2 Focusing on the Essence of a Theory and the Contest of Economic Ideas; 2.4.3.3 Uncovering Valid Empirical Methods and Bridging the Theory-Data Gap; References; 3 Statistical Sophistry
3.1 A Brief Review of History of Statistical Thought3.2 Premise and Limits of Probability Law; 3.2.1 Premise of Probability Law; 3.2.2 Limits of Probability Law; 3.3 Rise of Macroeconometrics Despite Numerous Grave Criticisms; 3.4 Flawed Theoretical Foundation for Macroeconometrics; 3.4.1 Violating the Condition for Probability Theory; 3.4.2 Inability to Include All Factors in a Model; 3.4.3 Least Likelihood of Selecting a Correct Function for a Macroeconometric Model; 3.5 Problems in Macroeconometric Practice; 3.5.1 Baseless Assumption About Random Variable/Disturbance
3.5.2 Cutting Short Toes to Fit the Shoes3.5.3 Tricky Ways of Using Concepts; 3.5.4 Inability to Model Uncertainties Based on Time Series Data; 3.5.5 Artificially Fixing the Issues in Data; 3.5.6 Scientific Illusion of Statistic Tests; 3.5.7 Impossibility of Overcoming Spurious Regression Within a Statistic Framework; 3.5.8 Fallacies of Univariate Model, Instrument-variable Method and Bootstrap; 3.5.9 Issues with the VAR Model, the DSGE Model and the Bayesian Method; 3.5.10 Fortune-Teller Style of Forecasting; 3.6 Performance of Econometrics; 3.6.1 The Saga of Econometric Modelling
2.2.1 Moralists v.s. Underconsumptionists2.2.2 Nature of International Trade and Causes of Wealth of Nations; 2.2.3 Government Intervention v.s. Laissez-Faire; 2.2.4 The Puzzle of Value Determination; 2.2.5 Income Distribution and the Fate of Capitalism; 2.2.6 Say's Law of Market v.s. Keynes' Excess of Saving; 2.2.7 Profit and Interest Explained; 2.2.8 Nominal Value, Real Value, Relative Value and Money Illusion; 2.2.9 Contextual v.s. Abstract Approaches; 2.2.10 Decline of Macroeconomic Theories; 2.3 Theories and Empirical Evidence; 2.3.1 Common-Sense Empirical Approach
2.3.2 Systematic Use of Data2.3.3 Probability Approach; 2.3.4 The 'Great' Empirical Period; 2.3.5 Fallacies and Limitations in Empirical Studies; 2.4 Progression of Scientific Research and the Future of Economics; 2.4.1 Nature of Scientific Research and Hypotheses on Progression of Science; 2.4.2 Economics as an Art and as a Science; 2.4.3 Future of Economics; 2.4.3.1 Emphasizing Logical Thinking; 2.4.3.2 Focusing on the Essence of a Theory and the Contest of Economic Ideas; 2.4.3.3 Uncovering Valid Empirical Methods and Bridging the Theory-Data Gap; References; 3 Statistical Sophistry
3.1 A Brief Review of History of Statistical Thought3.2 Premise and Limits of Probability Law; 3.2.1 Premise of Probability Law; 3.2.2 Limits of Probability Law; 3.3 Rise of Macroeconometrics Despite Numerous Grave Criticisms; 3.4 Flawed Theoretical Foundation for Macroeconometrics; 3.4.1 Violating the Condition for Probability Theory; 3.4.2 Inability to Include All Factors in a Model; 3.4.3 Least Likelihood of Selecting a Correct Function for a Macroeconometric Model; 3.5 Problems in Macroeconometric Practice; 3.5.1 Baseless Assumption About Random Variable/Disturbance
3.5.2 Cutting Short Toes to Fit the Shoes3.5.3 Tricky Ways of Using Concepts; 3.5.4 Inability to Model Uncertainties Based on Time Series Data; 3.5.5 Artificially Fixing the Issues in Data; 3.5.6 Scientific Illusion of Statistic Tests; 3.5.7 Impossibility of Overcoming Spurious Regression Within a Statistic Framework; 3.5.8 Fallacies of Univariate Model, Instrument-variable Method and Bootstrap; 3.5.9 Issues with the VAR Model, the DSGE Model and the Bayesian Method; 3.5.10 Fortune-Teller Style of Forecasting; 3.6 Performance of Econometrics; 3.6.1 The Saga of Econometric Modelling