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The Rhetoric of Policy Relevance in International Economics

  • William Milberg

    (The Jerome Levy Economics Institute)

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    There is a widespread belief that economic policy prescriptions, especially in international economics, are of grave importance for individual and national well being. Milberg contends, however, that there is little thought given to how such prescriptions follow from the theoretical models used to generate these conclusions. In fact, different models appear to be used: A formal theoretical model and a less formal one to reach policy conclusions. In this working paper, Milberg seeks to find out why this dichotomy occurred by analyzing the rhetoric contained in casual models, that is, those used to arrive at policy conclusions. He asserts that this rhetoric was not an accidental methodological discrepancy, but a necessary strategy for reaching policy conclusions.

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    File URL: http://128.118.178.162/eps/mac/papers/9904/9904009.pdf
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    Paper provided by EconWPA in its series Macroeconomics with number 9904009.

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    Length: 38 pages
    Date of creation: 15 Apr 1999
    Date of revision:
    Handle: RePEc:wpa:wuwpma:9904009
    Note: Type of Document - Acrobat PDF; prepared on IBM PC; to print on PostScript; pages: 38; figures: included
    Contact details of provider: Web page: http://128.118.178.162

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    5. Summers, Lawrence H, 1991. " The Scientific Illusion in Empirical Macroeconomics," Scandinavian Journal of Economics, Wiley Blackwell, vol. 93(2), pages 129-48.
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    19. Dewald, William G & Thursby, Jerry G & Anderson, Richard G, 1986. "Replication in Empirical Economics: The Journal of Money, Credit and Banking Project," American Economic Review, American Economic Association, vol. 76(4), pages 587-603, September.
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