Modern Econo(Metric) Modelling For Developing Economics I

Description

Modern Econo (metric) modeling presents the applied economist with a variety of difficulties and hence this book provides assistance in the difficult task of actually constructing models, while alternative strategies are discussed with emphasis on the evaluation of models. Indeed, formal macro models for developing countries are a fairly recent development. One thing that stands out for the sympathetic outsider on visiting a poor country is that its academic economists and policymakers are short on algebraic or numerical tools that might help them to deal with their own problems as well as those posed by visiting emissaries.

Even in dealing with misled but formalized arguments, Third World Economists are at a disadvantage because they cannot put their own accurate economic perceptions into algebra and take advantage of the quantitative insights that such translation brings. However, as a few people have argued, it is possible to be an excellent economist without making use of any formal or mathematical models. Unfortunately, most of us being less gifted have to take advantage of the help that algebra and a body of formal theory can provide and most of these formalized structures have changed over time. It is, therefore the basic thrust of this book to present these modeling trends. It is, no doubt, that this book will be especially valuable to a wide audience of applied and theoretical researchers, graduate students, and professional economists.