Stylised Facts

Robert Skidelsky ()
Additional contact information
Robert Skidelsky: Department of Economics, University of Warwick, U.K.

Acta Oeconomica, 2017, vol. 67, issue supplement1, 31-35

Abstract: I summarise Kaldor’s “stylised facts” approach to economics through the lens of his 1966 inaugural lecture at Cambridge, “Causes of the Slow Rate of Economic Growth of the United Kingdom”. I then defend this approach as a way of preventing economics from ossifying into pure formalism, fielding objections stemming from the Lucas critique, the advancement of econometrics, and the argument that stylised facts must depend on some prior theory. Finally, I argue that modern economics could benefit not only from his “stylised fact” approach, but also from his speculative boldness and substantive contributions to economic theory.

Keywords: Nicholas Kaldor; stylised facts; history of economic thought; economic methodology (search for similar items in EconPapers)
JEL-codes: B22 B31 B41 N14 (search for similar items in EconPapers)
Date: 2017
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.akademiai.com/doi/pdf/10.1556/032.2017.67.S.3 (application/pdf)
subscription

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:aka:aoecon:v:67:y:2017:i:supplement1:p:31-35

Ordering information: This journal article can be ordered from
Akadémiai Kiadó Zrt., P. O. Box 245, H-1519 Budapest, Hungary
https://akjournals.com/

Access Statistics for this article

Acta Oeconomica is currently edited by Mihályi, Péter

More articles in Acta Oeconomica from Akadémiai Kiadó, Hungary
Bibliographic data for series maintained by Kriston, Orsolya ().