David Bourget (Western Ontario)
David Chalmers (ANU, NYU)
Rafael De Clercq
Jack Alan Reynolds
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Journal of Economic Methodology 17 (4):375-395 (2010)
The models Feldstein and Rothschild, on the hand, and Jorgenson on the other adopted in 1974 to highlight the replacement ratio are identical. Yet, the authors reached opposite conclusions and the latter's view prevailed, which is weaker in terms of theoretical and empirical foundations. This paper argues that both puzzles may be resolved by reference to the differences in the methodological preconceptions of the authors involved, the operational advantages of the theorem of proportionality, the accumulated data that facilitate research, the inertia of the status quo, the lack of a model leading to a more useful theorem, the lack of communication among economists and their aversion toward complex solutions and policy prescriptions. In this light it is concluded that the time has come for research efforts to be directed towards constructing and testing models in which the useful life of capital is determined endogenously in the presence of embodied technological change.
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References found in this work BETA
Milton Friedman (1953). Essays in Positive Economics. University of Chicago Press.
Robert S. Goldfarb (1997). Now You See It, Now You Don't: Emerging Contrary Results in Economics. Journal of Economic Methodology 4 (2):221-244.
Thomas S. Kuhn (1996/2012). The Structure of Scientific Revolutions. University of Chicago Press.
Richard G. Lipsey (2001). Successes and Failures in the Transformation of Economics. Journal of Economic Methodology 8 (2):169-201.
Pedro N. Teixeira (2007). Great Expectations, Mixed Results and Resilient Beliefs: The Troubles of Empirical Research in Economic Controversies. Journal of Economic Methodology 14 (3):291-309.
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