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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://www.unibg.it/dati/bacheca/653/7149.pdf
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Publisher 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
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Handle: RePEc:brg:wpaper:0201

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Related research
Keywords: growth; modelling; robustness;

Find related papers by JEL classification:
B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

References listed on IDEAS
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  1. repec:att:wimass:1919983 is not listed on IDEAS
  2. Durlauf, Steven N., 2001. "Manifesto for a growth econometrics," Journal of Econometrics, Elsevier, vol. 100(1), pages 65-69, January. [Downloadable!] (restricted)
  3. 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.
  4. Jonathan Temple, 1999. "The New Growth Evidence," Journal of Economic Literature, American Economic Association, vol. 37(1), pages 112-156, March. [Downloadable!] (restricted)
  5. Steven N. Durlauf & Danny T. Quah, 1998. "The New Empirics of Economic Growth," Working Papers 98-01-012, Santa Fe Institute.
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  6. Musgrave, Alan, 1981. "'Unreal Assumptions' in Economic Theory: The F-Twist Untwisted," Kyklos, Blackwell Publishing, vol. 34(3), pages 377-87.
  7. 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.
  8. Marcel Boumans, Mary S. Morgan, 2001. "Ceteris paribus conditions: materiality and the application of economic theories," Journal of Economic Methodology, Taylor and Francis Journals, vol. 8(1), pages 11-26, March. [Downloadable!] (restricted)
  9. S Durlauf & Danny Quah, 1998. "The New Empirics of Economic Growth," CEP Discussion Papers dp0384, Centre for Economic Performance, LSE.
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