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Journal Article
The Making of Index Numbers in the Early 1920s: A Closer Look at the Fisher-Mitchell Debate
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History of Political Economy (2022) 54 (4): 655–686.
Published: 01 August 2022
...Victor Cruz-e-Silva; Felipe Almeida Abstract The systematic emergence of the test approach to index numbers took place in the early 1920s, a period marked by pluralism in American economics. Promoted by Irving Fisher, the test approach to index numbers aimed to select a universally valid, ideal...
Journal Article
A Problem as Much of Economic Theory as of Statistical Technique? The Walsh-Edgeworth Debate on Index Numbers, 1921–25
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History of Political Economy (2025) 57 (1): 11–39.
Published: 01 February 2025
... masters of the discipline. Walsh was an adamant defender of a deterministic, test approach to the theory of index numbers, whereas Edgeworth favored probabilistic approaches and thought index-number theorists should not close themselves to alternative methods. Holding contrasting views about the making...
Journal Article
Theoretical Behaviorism, Economic Theory, and Choice
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History of Political Economy (2016) 48 (suppl_1): 316–331.
Published: 01 December 2016
...John Staddon Choice behavior is studied differently in humans and in animals, and different theories have arisen to explain the results. I suggest that an approach derived from animal studies is also appropriate for human choice. Daniel Kahneman and Amos Tversky's prospect theory , a popular two...
Journal Article
The Evolution of Postwar Doctrines in Development Economics
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History of Political Economy (1996) 28 (Supplement): 312–336.
Published: 01 December 1996
... formulated more explicitly by Raul Prebisch).
Scitovsky (1987,55) points out that in its nationalistic mode, the income
elasticity criterion runs counter to both comparative advantage theory
and economies-of-scale theory.
These approaches were subjected to econometric testing in the 1960s...
Journal Article
Fisher's Instrumental Approach to Index Numbers
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History of Political Economy (2001) 33 (Suppl_1): 313–344.
Published: 01 December 2001
... is imposed by Test 2.
Fisher’s Instrumental Approach 329
Because “the equation of exchange itself prescribes test No. 2” (404),
it was considered by Fisher as “the most important of all the eight tests
for prices” (406). None of the forty-four index numbers passed all...
Journal Article
Praxeology and its Critics: an Appraisal
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History of Political Economy (1984) 16 (3): 363–379.
Published: 01 September 1984
... preference approach) have been rationalized theo-
retically and attempted empirically: such approaches presume that the ra-
tionality postulate is conceivably, if not actually, testable. Others, following
Friedman or Machlup, maintain that such testing is unnecessary. Most
recently, Lawrence...
Journal Article
Lucas and Artificial Worlds
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History of Political Economy (1997) 29 (suppl_1): 63–90.
Published: 01 January 1997
...).
6. Conclusion
I have shown here that Lucas mainly adopts the a i test methodology
without applying its approach to complexity. The a i approach to com
plexity is a top-down decomposition of the complex system till a certain
level is reached, on which the subsystems...
Journal Article
Analysis without Theory: How the Statistical Research Group Shaped Milton Friedman's Economic Methodology
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History of Political Economy (2024) 56 (S1): 207–233.
Published: 01 December 2024
..., that the aim is not to discover truth, which Friedman attributed to Savage (see the epigraph to this article), is very characteristic of the Neyman and Pearson approach of hypothesis testing, where hypotheses are only accepted or rejected but never “proved” to be true (see, e.g., Friedman 1953 : 9...
FIGURES
Journal Article
Theory and Measurement: Emergence, Consolidation, and Erosion of a Consensus
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History of Political Economy (2017) 49 (Supplement): 34–57.
Published: 01 December 2017
... approach to empirical research that attributed
less importance to formal theoretical models of optimization and equilib-
rium as vehicles for de ning speci c research questions and hypotheses.
Instead, the posing of questions to be answered or hypotheses to be tested
is more likely to occur through...
Journal Article
The Phillips Curve from the Perspective of the History of Econometrics
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History of Political Economy (2011) 43 (suppl_1): 283–308.
Published: 01 December 2011
... (1964, 1966) when he modeled the Phillips curve
using U.S. data. Perry also applied the Durbin-Watson test to see if there
was residual autocorrelation. Perry followed Lipsey’s model specifica-
tion approach closely rather than that of Lawrence Klein and James Ball
(1959) (see the next section...
Journal Article
Milton Friedman and the Emergence of the Permanent Income Hypothesis
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History of Political Economy (2003) 35 (1): 77–104.
Published: 01 March 2003
...–permanent income hypoth-
esis, and the latent variable approach is no longer representative of the
permanent income hypothesis in macroeconomics.
References
Bird, Roger C., and Ronald G. Bodkin. 1965. The National Service Life-Insurance
Dividend of 1950 and Consumption: A Further Test...
Journal Article
Economics for a Client: The Case of Statistical Quality Control and Sequential Analysis
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History of Political Economy (2000) 32 (Suppl_1): 25–70.
Published: 01 December 2000
... this in the
contexts of statistical hypothesis testing, control engineering, and oper-
ational research. New approaches to decision theory, statistical theory,
and strategy in game theory emerged from those enforced combinations.
This is particularly evident in the example of sequential analysis crafted
by Abraham...
Journal Article
Aggregation and Estimation in the Theory of Demand
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History of Political Economy (2006) 38 (Suppl_1): 106–129.
Published: 01 December 2006
.... This approach to aggregation is similar to one
introduced by Arnold Zellner (1969) and later embraced by Theil (1987,
150–51) himself in his theory of “rational random behavior.” However,
this really changes the model.
There have been many attempts to test both homogeneity and Slutsky
symmetry...
Journal Article
The Form and Function of Price Indexes: A Historical Accounting
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History of Political Economy (2004) 36 (4): 589–616.
Published: 01 November 2004
... “fairly” the various formulas charac-
terize movements in the price level and to identify the “best” or most
“correct” index. Fisher had two approaches to tackling this problem,
each of which has troubled at least some readers.
His first approach was to identify two criteria, or tests...
Journal Article
Haavelmo’s Epistemology for an Inexact Science
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History of Political Economy (2014) 46 (2): 211–229.
Published: 01 June 2014
... of Econometric Ideas calls the methodology presented in The
Probability Approach the “blueprint for econometrics” (Morgan 1990,
251). When historians do so, however, they usually refer to the second
part of Haavelmo’s work, where the “Neyman-Pearson theory of testing
statistical hypotheses” (Haavelmo...
Journal Article
Lucas's Research in the Late 1960s and the Natural Rate of Unemployment
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History of Political Economy (2017) 49 (1): 137–159.
Published: 01 March 2017
... parameters and Phillips curve
parameters in a model with rational expectations.
Lucas’s research in the late 1960s was influenced by his close interac-
tion with Phelps and Prescott, backed by his pragmatic equilibrium
approach to economics, concerning modeling, estimation, and testing. I...
Journal Article
Early Experiments in Consumer Demand Theory: 1930-1970
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History of Political Economy (2007) 39 (3): 359–401.
Published: 01 September 2007
.... Davidson, D., and J. Marschak. 1959 . Experimental Tests of a Stochastic Decision Theory. In Measurement: Definitions and Theories , edited by C. W. Churchman and P. Ratoosh, 233 -69. New York: Wiley. Davidson, D., and P. Suppes. 1957 . Decision Making: An Experimental Approach . Stanford: Stanford...
Journal Article
Should Economists Abandon HOPE?
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History of Political Economy (1975) 7 (2): 252–260.
Published: 01 June 1975
... and prediction
testing.
(d) As our Fig. 1 partially illustrates, these weaknesses have been
straightened out via (i) the rise of econometrics-embracing both
model building and estimation procedures, and (ii) the triumph of
the Friedman “if it works (predicts well) stay with it” approach...
Journal Article
Empirical Tests of the Quantity Theory of Money in the United States, 1900–1930
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History of Political Economy (1973) 5 (2): 285–316.
Published: 01 June 1973
...
HUMPHREY . EMPIRICAL TESTS OF THE QUANTITY THEORY 307
discovered the correlation coefficient, ‘ ‘began correlating furiously
and indiscriminately and with an inverse correlation between zeal
and discretion which . . . approached .. . . perfection. As might have
been anticipated in a world full...
Journal Article
Reconceiving Quality: Political Economy and the Rise of Hedonic Price Indexes
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History of Political Economy (2011) 43 (suppl_1): 309–328.
Published: 01 December 2011
... for a range of products. In practice, these eval-
uations rarely match price differentials exactly. (If they did, there would
be no need for independent product testing.) The knowledge-based
approach thus shifts the focus from consumer behavior to the availability
1. In this respect my view...
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