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Kanta Marwah
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Kanta Marwah: Carleton University, Canada

Chapter 35 in Selected Papers of Lawrence R Klein: Theoretical Reflections and Econometric Applications, 1997, pp 626-628 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractEconomics, like other social sciences, does not usually permit experimental investigation, especially controlled experimentation. Typically, we rely on observation of real-world outcomes of the economic process for drawing conclusions about the validity of propositions on behavior of people.Following these procedures, it is difficult to be convincing and definitive. Each protagonist in an economic debate will cite “third factors” to justify a position if events do not reveal confirmation of a theory about economic behavior…

Keywords: Macroeconomics: Theory; Policy Formation; Reconsiderations; Macroeconometric Models: Methodology; Forecasting; Debate; Prospects; International Economics: Capital Flows; Exchange Rates; Expectations (search for similar items in EconPapers)
JEL-codes: C1 C7 (search for similar items in EconPapers)
Date: 1997
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