The reduction theory of David F. Hendry provides a comprehensive probabilistic framework for the analysis and classification of the reductions associated with empirical econometric models. However, it is unable to provide an analysis on the sameunderlying probability space of the first reduction...

In a recent article, Cook conducted a Kuhnian analysis of the difference between the Textbook and LSE econometric approaches. This paper uses a semantic conception of theories (Suppe 1989) and a finer gradation of the theory of reduction process to clarify the apparent puzzle that exist between...