Limited Time Offer
Premium members can get their quote collection automatically imported into their Quotewise collections.
I have tried to make clear in this brief sketch of the nature of deductively formulated theories, at least as they occur in economics, that, although… - Richard Stone
" "I have tried to make clear in this brief sketch of the nature of deductively formulated theories, at least as they occur in economics, that, although their origin lies in common observation and introspection, nevertheless they are capable of a purely mathematical development through the exact statement of a of a set of postulates which, however, since they must inevitably contain assumptions about human behaviour, require to be tested by reference to actual events.
English
Collect this quote
About 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.
Also Known As
Native Name:
Sir John Richard Nicholas Stone
Alternative Names:
John Richard Nicholas Stone
•
Professor Sir John Richard Nicholas Stone
Related quotes. More quotes will automatically load as you scroll down, or you can use the load more buttons.
Additional quotes by Richard Stone
In the second place, a system would involve more variables than those which may be supposed to enter into demand relationships, and so the preliminary work of estimating the necessary time series would also be increased. In the third place, in the simultaneous method of estimation the estimates of the original parameters come to depend on most of the remaining estimates, and so it is quite likely that they will have large sampling variances.
We usually find a considerable degree of correlation between indicators and also between different sets of weights that we should ever think of using. Consequently we are likely to find that alternative index numbers using different weights show similar and often approximately proportionate movements. That this is so in most economic applications is due to the nature of the actual world and not simply to the formal characteristics of index number techniques.
Limited Time Offer
Premium members can get their quote collection automatically imported into their Quotewise collections.
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.
Loading...