Chaos is not a "theory"

glevy at acnet.pratt.edu glevy at acnet.pratt.edu
Wed Sep 20 23:37:08 MDT 1995


Steve K wrote:

 The best we can hope for is to uncover the
> salient factors, and leave the rest to "exogenous factors".
>
And how do you go about determining which variables should be exogenous?
I'll grant you that your preference for Vietnamese pork rolls doesn't
have a significant impact on the trade cycle, but what variables of
import are held constant? I believe that this is a rather significant
question for all economic modelling, no?

Jerry


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