Books reviewed: John E. King - A History of Post Keynesian Economics Since 1936 Christian Gourieroux And Joann Jasiak - Financial Econometrics: Problems, Models and Methods William Easterly - The Elusive Quest for Growth Mark Skousen - Making Modern Economics Alan D. Woodland - Economic Theory...

The main purposes of the paper are to reconsider the rationale of the RAS method, and to attempt to improve on its interpretation and usefulness. The substitution and fabrication factors in the RAS method are interpreted as statistical estimates obtained by the method of instrumental variables....