SHERP

Why Economists Ignored the Method of Least Squares

Cited 0 time in webofscience Cited 0 time in scopus
Authors
Kim, Jinbang
Issue Date
1991
Publisher
Seoul Journal of Economics
Citation
Seoul Journal of Economics 4 (No. 4 1991): 331-343
Keywords
Merriman; unspecific funtion
Abstract
The method of least squares was proposed in 1805 and soon became a standard tool in astronomy and geodesy. But it is not until the mid-twentieth century that the same method could be found in the ordinary toolbox of economists. The delayed adoption is explained by the intended scope of application of the method in relation to the nature of economics as the nineteenth century economists understood it. Given a parametric relation between a few variables and their inaccurate measures, scientists employed the method to obtain the "most probable" value of parameters. By contrast, it was believed that an economic relation contained so many variables and would never be deduced in a parametric form. As long as economists adhered to the Newtonian deduction, they would not adopt the method of least squares which they considered only as a way of combining inaccurate measures.
ISSN
1225-0279
Language
English
URI
http://hdl.handle.net/10371/942
Files in This Item:
Appears in Collections:
College of Social Sciences (사회과학대학)Institute of Economics Research (경제연구소)Seoul Journal of EconomicsSeoul Journal of Economics vol.04(4) (Winter 1991)
  • mendeley

Items in S-Space are protected by copyright, with all rights reserved, unless otherwise indicated.

Browse