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Modeling and Measuring Economic Reality: Reply to the Reviews |
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| Authors: | Edward J Nell |
| Institution: | New School for Social Research, New York, USA |
| Abstract: | To begin with, we'd like to express our appreciation to our three commentators for their thoughtful and helpful reviews. Like the founders of the subject, we believe, and our reviewers seem to agree, that structural econometrics has the potential to enable us to develop serious working models of how different economies actually operate, and also to tell us something about the changing patterns of their growth and transformation. But both we and our reviewers agree that there is a great deal wrong with the way econometrics is practiced today. |
| Keywords: | Conceptual analysis DSGE fieldwork general equilibrium Haavelmo distribution induction Keynesian uncertainty lawlike methodological triangle-circle measuring economic reality methodological institutionalism modeling probabilities neoclassical theory ownership and value relations reliable and volatile relationships scientific variables statistical and substantive adequacy structural econometrics transformational growth |