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MEASUREMENT SCALES OF VARIABLES - 4 TYPES

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MEASUREMENT SCALES OF VARIABLES - 4 TYPES

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1. Ratio :
eg. X1/X2 ; X1>X2 (vice versa)
2. Interval : eg. 1995-2000; 2001-2005
3. Ordinal:  (has ratio scale features but in order)
eg Exam grade : Grade A,B,C
Wages Bracket
4. Nominal - no ratio scale features
eg: Gender (Male/Female)
Marital Status

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- reliable research need a quality of data

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Experimental - mostly for natural science, the researcher has controlled

Non-Experimental - mostly for social science; not subject to the control of researcher, eg: GDP

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1. TIme Series Data - one entity; different times
2. Cross Section Data - many entities ; same time
3. Pooled Data
combination of time and cross section.
4. Panel /Longitudinal Data
- special type of pooled data however the same cross sectional unit is surveyed over time. (to make comparison the change from one tenure to another tenure)

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Regression : is to estimate / predict average value of one variable on the basis of the fixed values of other variables; not primarily interested to measure strength/degree associates with two variables

- there is asymmetry in the way the DV and IV are treated where DV assumed ti be statistical (probabilistic distribution) and IV is fixed values.

Correlation : measure the strength / degree of linear association between 2 variables.

- any two variables symmetrically ; no distinction values between DV and IV

P/s - however in economic research in finding correlation coefficient between 2 variables.

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Regression is a statistical relationship and it does not necessarily imply causation (the action of causing something)

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Statistical : deal with random (stochastic) variables; variables that have probability distribution

Deterministic : deal with variables are not random

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Literal : move or regress towards the average in the population as a whole
Technical : is concerned with the study of the dependence variable (DV) on one or more other variables (explanatory / independent variables (IV); with a view to estimating the population average/mean value DV in terms of the known/fixed values of IV

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Theoretical v Applied

Theoretical : concerned with the development of appropriate methods for measuring economic relationship specified by economic models

Applied : use the tools of theoretical to study some special field of economics and business

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1.Econometrics v Economic Theory

- econometric is to provide numerical estimates (empirical content) to economic theory
- economic theory is a statements/hypothesis that is mostly qualitative in nature
2.Econometrics v Mathematical Economics
- econometrics uses the mathematical equations for empirical testing.
- mathematical economics is only expressing economic theory in mathematical form without regard to measurability/empirical verification of the theory
3.Econometrics v Statistical Economy
- econometrics using the collected data/ economic statistics for empirical studies
- a statistical economy is concerned with collecting, processing and presenting economic data in the form of charts and tables.
4. Econometrics dealing with data that cannot be controlled directly and needs special methods in view of the unique nature of most economic data unlike mathematical statistics.

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Literal : Economic Measurement
Technical : as the Social Science in which the tools of Economic Theory, Mathemetics & Statistical inference are applied to the analysis of economic phenomena