Regression Analysis

Regression Analysis

Regression analysis can at best yield only approximate general relationships because the observed readings may not be sufficiently numerous, they may be affected by other influences than the ones being studied, the explanatory variable must not be affected by the dependent variable, the data arising from the observations may have been measured imperfectly, and so on. The economist must use judgment based on experience (which may itself not be an infallible guide) in deciding on the methods that best avoid these possible sources of error. He may have to choose a method that is at best a compromise. Like other techniques in the social (or natural) sciences, regression analysis requires subjective judgment as well as objective knowledge.

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Since then his writings have in turn been increasingly reinterpreted as a special case both by some followers and by some economists who had not wholly accepted his writings. The content of economics is in a state of change, and this consumeraffairs.org.uk site is therefore not a final statement of economic doctrine.

Economics is in the last resort a technique of thinking. The reader will therefore need to make an intellectual effort, more substantial for some web entries than for others, to get the most interest and value out of this website.