I want to know If I am comprehending these terms correctly
Summarizing the difference between economic and statistical significance of coefficients (Describing the terms, process of assessing each with formulas) Statistical Significance is driven from a large estimate or small standard error where we look at t-tests or p-values to determine whether or not to reject a null hypothesis. While Economic significance looks more at the magnitude and sign of the estimated coefficient, if the numbers turn out to be so small then the x variables do not really affect the y variable.
The process of assessing with formulas For Statistical significance wouldn't assessing the process with formulas just include the formulas to calculate t-test and p-values to determine if we can or cant reject the null. Such as the t*, critical values, p-value
For Economic significance isn't it 𝑝𝑟𝑜𝑗𝑒𝑐𝑡𝑒𝑑𝐻𝐴𝑇=𝐵0+𝐵1𝑥1+....+𝐵𝐾𝑋𝑖. and dealing with 𝑅2?
Question 2 Why one does not necessarily mean the other?
(For Whoever marked my last one as a duplicate I don't see why, My question asks about Statistical Significance and Economic while the other one just talked about economic, and I looked at his question and feel maybe it could answer 10% of my question) If whoever first commented could respond again, the answer was so helpful I wanted to show my friends but got burdened this morning waking up to seeing the post was gone.
The previous question got "duplicated" by this "Is there any standard measure of economic significance?" post.