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J. Muth's 1961 article on rational expectations was written without any knowledge on Muth's part about what a subjective theory of probability entails and is based on, or what an objective theory of probability entails and is based on. Muth's disbelief, that the individual, subjective...
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The relevance to economics of naturalised epistemology (also known as the naturalistic turn) from philosophy of science … epistemology are discussed. These and other limitations are related to the economics examples Hands proposes suggesting the … usefulness of naturalised epistemology for economics …
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and Piero Sraffa on Ricardo, classical political economy and ‘pure economics’ -- Chapter 14. Real and apparent unknowns …, interpretation of Sraffa and the legacy of Keynes. This book will appeal to students interested in reforming economics, as well as …
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contrary, models are not judged by predictive performance. Economics models are formulated axiomatically, and never cross … discusses contemporary methodologies for assessing models in economics and econometrics, and explains why these lead to models …
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