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

Author

Listed:
  • 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.

Suggested Citation

  • Francesco Guala & Andrea Salanti, 2002. "Model-robustness in ‘old’ and ‘new’ growth theory," Working Papers (-2012) 0201, University of Bergamo, Department of Economics.
  • Handle: RePEc:brg:wpaper:0201
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    growth; modelling; robustness;
    All these keywords.

    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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