Implications to and from Economic Theory in Models of Complex Systems
| Autor: | Gary Fromm |
|---|---|
| Rok vydání: | 1973 |
| Předmět: | |
| Zdroj: | American Journal of Agricultural Economics. 55:259-271 |
| ISSN: | 1467-8276 0002-9092 |
| DOI: | 10.2307/1238450 |
| Popis: | [3] and Laffer-Ranson vs. Brookings [29], DHL [38], DRI [13], Fair [18], and Wharton [55]. Aside from disagreements about particular theories, econometric models have been challenged on a number of fundamental issues. First, there is the question raised by Liu [52] whether the world, and models that depict it, is truly underidentified and whether it is possible to specify a set of structural equations that truly represent behavioral decisions of economic entities, large or small. Second, others have argued that since the true determinants of behavior cannot be observed or measured, it is useless to attempt to construct and estimate empirical systems. For instance, Basmann has averred that discussions about Keynesian-type consumption functions are moot because these equations only indirectly reflect utilities of quantities of income, leisure, and purchases, and their use. He has maintained that since the |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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