By G. S. Maddala
This landmark textual content presents a clean, obtainable and well–written creation to the topic. With a rigorous pedagogical framework, which units it except similar texts, the most recent variation good points an extended web site delivering a variety of genuine existence information units and examples.
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Extra resources for Introduction to Econometrics (2nd Edition)
Sometimes such models are called multiple indicator, multiple cause (MIMIC) models. 8 What is national wellbeing? Interpreting the wellbeing of a population in a very broad sense, one can discern a continuum of progress in developing measures, from simple mortality rates, via crude economic measures, to the current interpretation in terms of quality of life and beyond; again recall the World Health Organisation’s definition of health as being ‘a state of complete physical, mental and social well-being and not merely the absence of disease or infirmity’ (WHO, 1946).
The third part is entitled ‘Development of the moral and intellectual qualities of man’, and is predominantly concerned with attributes such as memory, imagination, judgement, insanity, temperance, courage, genius, prudence and propensity for evil, including crime. He could so easily have extended this to wellbeing! Again he stresses the advantages of working with a mass of people (p. 73): ‘It appears to me that it will always be impossible to estimate the absolute degree of courage, etc, of any one particular individual: for what must be adopted as unity?
This is clearly very much in the psychometric mould, as described above; it seeks to measure a single unobservable attribute using the observed values of multiple items which are related to the unobservable attribute by the assumed model structure. ) This situation appears rather different from the case of wellbeing and quality of life. ) arising largely because of this underlying factor. Such an assumption seems rather odd – the observable attributes clearly lack any intrinsic homogeneity. Rather it is thought that there are a number of completely distinct characteristics WHAT IS NATIONAL WELLBEING AND WHY MEASURE IT?
Introduction to Econometrics (2nd Edition) by G. S. Maddala