American Econometric Economic Essay Growth History In Railroad

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Sophisticated empirical work consists of taking a single data set and using the best econometric techniques to arrive at estimates of the interesting parameters.

In contrast, when I have an empirical question, I look at a variety of data sources.

Even the process of building the railroad helped stimulate specific industries like the copper, steel and iron industri...

The quote is from the paper, which is gated, and the link is to the abstract, which is not. ] I easily found ungated versions of replies by Chris Sims and by Ed Leamer. I place myself on one side of it (the minority, naturally). The question, broadly speaking, is whether sophisticated empirical work in economics is persuasive.

¡§The Railroad has a justly deserved place as the pivotal integrator of the national space-economy between 18 and as a major component of the late 19th-century economic growth. R Meyer, p.323) The railroad fostered a more diverse and competitive America by introducing new markets into each region and allowing the acquisition of different or simply cheaper goods from other regions.

The result was a broad-based yet competitive country-wide trading region with lowered costs for the entire economy.Many of these can be found in chapter 2 of From Poverty to Prosperity, so I will not reproduce them here.The bottom line is that there are many ways to look at the question, and as far as I know, all of them point to essentially the same answer.Chris Sims represents the opposite school of thought.He believes in the triumph of state-of-the-art technique over weak data. He may be gifted and clever, but I have never found him persuasive. Can we economists agree that it is extremely hard work to squeeze truths from our data sets and what we genuinely understand will remain uncomfortably limited?I think the main issue is “too many factors at work at any given time.” In statistical theory, every time you add a new observation you get more information.That is because the theory assumes that the number of relevant factors is constant, and an increase in sample size gives you more variation in the relevant factors and thereby enables you to separate the influence of the different factors with greater precision. When we get a quarter of more-or-less normal growth, the relevant factors do not vary by enough to provide any interesting news.We use cookies to make interactions with our website easy and meaningful, to better understand the use of our services, and to tailor advertising.For further information, including about cookie settings, please read our Cookie Policy .The problem is definitely not that we “just don’thave the right models yet.” I think that is close to Sims’ view–we did not have the right models in the 1970’s, but now we are getting there. I think that “the world is inherently too complex” has some validity, but it is too much of a cop-out.We have to deal with the world as it is, as best we can.

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Comments American Econometric Economic Essay Growth History In Railroad

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    Address many of the important debates in American economic history. The. Fogel, Robert, Railroads and American Economic Growth Essays in Econometric.…

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    This cliometric research was later published in Railroads and American Economic Growth Essays in Econometric History 1964. One central feature of Fogel's.…

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    Dec 1, 2009. Except for towns that were connected to railroads or water borne shipping. The 1880s were the first decade in American history, with the exception of the. The magnitude of the impact of immigration on economic growth and welfare. Unpublished paper August 3, 2006 Department of Economics.…

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    American Economy History essaysThe rise of the United States as a world power. Improvements in transportation, specifically the development of the railroad.…

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    Fogel, R. W. 1964, Railroads and American Economic Growth Essays in. Econometric History. Baltimore Johns Hopkins University Press. Foreman-Peck, J.…

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    Major to history with a minor in economics due to his growing awareness of the. acknowledged not only the influence of the Conrad and Meyer essay but also noted Fritz. railroad on American economic growth provoked accusations by the.…

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    Applications of the social savings methodology to non-railway issues, and to explore other areas. American Economic Growth Essays in Econometric History.…

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    Sep 8, 2018. This paper predicts that growth in the 25 to 40 years after 2007. northwestern.edu/economics/gordon/. manufacturing in cotton mills in the period 1870-1820, culminating in the invention of the railroad. The historical record of U. S. growth in real GDP per capita is shown on.…

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