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Inference to the Best Model of the Consumption Function

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  • Hsiang-Ke Chao

Abstract

Empirical tests in economics may not decisively confirm or disconfirm a theory. Three cases of studies of consumption function from the 1930s to the early 1970s discussed in this article show that we can interpret economists’ practices as inferences to derive the best model from the available evidence as well as from the competition among available models.

Suggested Citation

  • Hsiang-Ke Chao, 2019. "Inference to the Best Model of the Consumption Function," History of Political Economy, Duke University Press, vol. 51(3), pages 493-513, June.
    • Handle: RePEc:hop:hopeec:v:51:y:2019:i:3:p:493-513
    DOI: 10.1215/00182702-7551888
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