"In the first place, economic theory provides a comparatively detailed specification of the demand relationships for individual consumers' goods, but is by no means so specific about the system into which these relationships fit. It would be possible to close the system in very many ways, and the precise way selected would influence the regression estimates in a model involving simultaneous equations."
Quote Details
Added by wikiquote-import-bot
Unverified quote
0 likes
University of Cambridge facultyEconomists from EnglandPeople from LondonNobel laureates in EconomicsNobel laureates from England
Original Language: English
Available Languages (1)
Sources
p. 295; as cited in: John Chipman (2013) Advanced Econometric Theory, p. 275
https://en.wikiquote.org/wiki/Richard_Stone
Revision History
No revisions have been submitted for this quote.
Categories
Richard Stone
Sir John Richard Nicholas Stone (30 August 1913 – 6 December 1991) was an eminent British economist who in 1984 received the Nobel Memorial Prize in Economic Sciences for developing an accounting model, that could be used to track economic activities on a national and, later, an international scale.
13 quotes on TrueQuotesView all quotes by Richard Stone →
Related Quotes
"The object of this paper is fivefold. The first objective is to derive a practical system of demand equations which p…"
"Econometrics may be defined as the quantitative analysis of actual economic phenomena based on the concurrent develop…"
"We usually find a considerable degree of correlation between indicators and also between different sets of weights th…"
"The usefulness of observation and measurement in testing economic theories arises because the theorems of economics a…"
"I have tried to make clear in this brief sketch of the nature of deductively formulated theories, at least as they oc…"
"There is no hope, as far as I can see, of pushing the postulates of economic theory back to a set of irreducible axioms."
"A choice may have to be made between a biased estimator which is believed to be relatively accurate and an unbiased e…"
"In the second place, a system would involve more variables than those which may be supposed to enter into demand rela…"
"From 1931 to 1935, I was an undergraduate at Cambridge in my father's old college, Gonville and Caius, which was part…"
"In 1945, the war ended and I was chosen to be the first director of the newly-established Department of Applied Econo…"