Apparently block recursive estimation of structural equation systems allows you to estimate the entire economy; this according to Richard Just provides the sole justification for any econometric work.
By itself that is a very powerful statement.
What is to follow is even more so...
So one of the students asks the great man, "but is the assumption of zero covariance amongst blocks realistic?".
Just replies "No.
This is why econometrics is an imperfect application of statistics. "
touche!
it is a rare day when you witness a wise man speaking truth, and I am NOT being sarcastic!
I amuse myself here; Your amusement is intended but boundedly so
2 comments:
Did none of the students say, 'But surely, you Just?'
All hail the Austrian School of Economics 8-P
So how come you get me to deactivate the word verification but you keep it?
Post a Comment