A Kuhnian perspective on econometric methodology

Journal of Economic Methodology 10 (1):59-78 (2003)
Abstract
While there exist numerous applications of Kuhn's analysis of scientific revolutions to economics, there is yet to be an application to econometrics. The present paper addresses this via an analysis of the often-documented transition between the textbook and LSE methodologies witnessed in British time series econometrics. This exercise allows a number of issues to be raised. First, it will be questioned whether the observed transition in econometrics is an appropriate subject for analysis within the Kuhnian framework. This is the primary concern of the paper. Second, the adoption of Kuhn's approach will allow the witnessed transition in econometric methodology to be viewed from a different perspective to that permitted by more conventional historical accounts. This is seen to lead a number of interesting conclusions. Third, implications of the present study for Kuhn's analysis will be discussed.
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