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Modeling and Measuring Economic Reality: Reply to the Reviews

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  • Edward J. Nell
  • Karim Errouaki

Abstract

To begin with, we'd like to express our appreciation to our three commentators for their thoughtful and helpful reviews. Like the founders of the subject, we believe, and our reviewers seem to agree, that structural econometrics has the potential to enable us to develop serious working models of how different economies actually operate, and also to tell us something about the changing patterns of their growth and transformation. But both we and our reviewers agree that there is a great deal wrong with the way econometrics is practiced today.

Suggested Citation

  • Edward J. Nell & Karim Errouaki, 2016. "Modeling and Measuring Economic Reality: Reply to the Reviews," Review of Political Economy, Taylor & Francis Journals, vol. 28(3), pages 448-463, July.
    • Handle: RePEc:taf:revpoe:v:28:y:2016:i:3:p:448-463
    DOI: 10.1080/09538259.2016.1154758
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    References listed on IDEAS

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    1. Nell,Edward J., 1998. "The General Theory of Transformational Growth," Cambridge Books, Cambridge University Press, number 9780521590068.
    2. Leontief, Wassily, 1971. "Theoretical Assumptions and Nonobserved Facts," American Economic Review, American Economic Association, vol. 61(1), pages 1-7, March.
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