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Model-robustness in ‘old’ and ‘new’ growth theory

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Author Info

  • Francesco Guala

    (Department of Sociology & Philosophy, University of Exeter)

  • Andrea Salanti

    ()
    (Department of Management and Information Technology, University of Bergamo)

Abstract

In economics, models, rather than theories, seem to be the fundamental units of appraisal and practitioners seem to hold in high esteem the criterion of ‘robustness’. In this paper we shall try to explicate the multifarious notion of robustness, and articulate it on three different dimensions. In order to show their relevance to concrete economic practice we shall apply these notions of robustness to a particular case: the "old" vs. "new" growth theory. Special attention will be paid to the robustness of the implied causal mechanisms, due to its substantial role concerning the possibility of deriving sound policy prescriptions from models.

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File URL: http://aisberg.unibg.it/bitstream/10446/178/1/WPEco01(2002)Guala.pdf
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Bibliographic Info

Paper provided by University of Bergamo, Department of Economics in its series Working Papers with number 0201.

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Length: 15 pages
Date of creation: 2002
Date of revision:
Handle: RePEc:brg:wpaper:0201

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Keywords: growth; modelling; robustness;

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References

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  1. Steven N. Durlauf & Danny T. Quah, 1998. "The New Empirics of Economic Growth," Working Papers 98-01-012, Santa Fe Institute.
  2. Crafts, Nick, 1996. "'Post-neoclassical Endogenous Growth Theory': What Are Its Policy Implications?," Oxford Review of Economic Policy, Oxford University Press, vol. 12(2), pages 30-47, Summer.
  3. Nancy Cartwright, 1991. "Replicability, Reproducibility, and Robustness: Comments on Harry Collins," History of Political Economy, Duke University Press, vol. 23(1), pages 143-155, Spring.
  4. Musgrave, Alan, 1981. "'Unreal Assumptions' in Economic Theory: The F-Twist Untwisted," Kyklos, Wiley Blackwell, vol. 34(3), pages 377-87.
  5. Jonathan Temple, 1999. "The New Growth Evidence," Journal of Economic Literature, American Economic Association, vol. 37(1), pages 112-156, March.
  6. Francesco Guala & Andrea Salanti, 2002. "On the Robustness of Economic Models," Working Papers 0208, University of Bergamo, Department of Economics.
  7. Marcel Boumans & Mary Morgan, 2002. "Ceteris paribus conditions: materiality and the application of economic theories," Journal of Economic Methodology, Taylor & Francis Journals, vol. 8(1), pages 11-26.
  8. Durlauf, Steven N., 2001. "Manifesto for a growth econometrics," Journal of Econometrics, Elsevier, vol. 100(1), pages 65-69, January.
  9. SALMON, Pierre, 1996. "Free Riding as Mechanism," LATEC - Document de travail - Economie (1991-2003) 1996-13, LATEC, Laboratoire d'Analyse et des Techniques EConomiques, CNRS UMR 5118, Université de Bourgogne.
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