Despite warnings against inferring causality from observed correlations or statistical dependence, some articles do. Observed correlation is neither necessary nor sufficient to infer causality as defined by the term's everyday usage. For example, a deterministic causal process creates...

Selling and sales management is a new discipline and its importance is growing since companies are becoming more and more marketing oriented. The problem of modern business is not how to produce but how to sell the product. It means that there is no successful personal sale without effective...

Scientists have increasingly employed computer models in their work. Recent years have seen a proliferation of agent-based models in the natural and social sciences. But with the exception of a few "classic" models, most of these models have never been replicated by anyone but the original...

States that in order to remain competitive, organizations must scan and analyse environmental turbulence, formulate appropriate strategic plans and implement these through a change management process. In short, the organization must routinely learn and relearn about its environment, and learn...

The life-cycle framework is the standard way that economists think about the intertemporal allocation of time, effort and money. The framework has a venerable history in the economics profession with roots in the in…nite horizon models of Ramsey (1926) and Friedman (1957) and the …nite...

Kurt W. Rothschild Lecture, Johannes Kepler University, Linz, 22 November 2001.

This paper asks the question: Why has the ?general-to-specific? cointegrated VAR approach as developed in Europe had only limited success in the US as a tool for doing empirical macroeconomics, where what might be called a ?theory comes first? approach dominates? The reason this paper highlights...

The primary aim of the paper is to place current methodological discussions on empirical modeling contrasting the 'theory first' versus the 'data first' perspectives in the context of a broader methodological framework with a view to constructively appraise them. In particular, the paper focuses...

This paper has two sources: One is my own research in three broad areas: business cycles, economic measurement and social choice. In all of these fields I attempted to apply the basic precepts of the scientific method as it is understood in the natural sciences. I found that my effort at using...

This study aims at the analysis of the possible self-referential effects of economic theories and models on its own subject and of the mechanisms through which bounded rational actors perceive the self-referential nature of economic theories and might absorb their prescriptions. Thus, the focus...