Richard Stone Quote

In the first place, economic theory provides a comparatively detailed specification of the demand relationships for individual consumers' goods, but is by no means so specific about the system into which these relationships fit. It would be possible to close the system in very many ways, and the precise way selected would influence the regression estimates in a model involving simultaneous equations.

p. 295; as cited in: John Chipman (2013) Advanced Econometric Theory, p. 275 - Studies in the National Income and Expenditure of the United Kingdom, 1954

In the first place, economic theory provides a comparatively detailed specification of the demand relationships for individual consumers' goods, but...

In the first place, economic theory provides a comparatively detailed specification of the demand relationships for individual consumers' goods, but...

In the first place, economic theory provides a comparatively detailed specification of the demand relationships for individual consumers' goods, but...

In the first place, economic theory provides a comparatively detailed specification of the demand relationships for individual consumers' goods, but...