Origin of The Term
For more details on this topic, see Kaldor's facts.The term “stylized facts” was introduced by the economist Nicholas Kaldor in the context of a debate on economic growth theory in 1961, expanding on model assumptions made in a 1957 paper. Criticizing the neoclassical models of economic growth of his time, Kaldor argues that theory construction should begin with a summary of the relevant facts. However, to handle the problem that “facts as recorded by statisticians, are always subject to numerous snags and qualifications, and for that reason are incapable of being summarized”, he suggests that theorists “should be free to start off with a stylised view of the facts – i.e. concentrate on broad tendencies, ignoring individual detail”. With respect to broad tendencies that result from such a process, Kaldor coins the term “stylized facts”.
Read more about this topic: Stylized Fact
Famous quotes containing the words origin of, origin and/or term:
“The origin of storms is not in clouds,
our lightning strikes when the earth rises,
spillways free authentic power:
dead John Brown’s body walking from a tunnel
to break the armored and concluded mind.”
—Muriel Rukeyser (1913–1980)
“Good resolutions are useless attempts to interfere with scientific laws. Their origin is pure vanity. Their result is absolutely nil. They give us, now and then, some of those luxurious sterile emotions that have a certain charm for the weak.... They are simply cheques that men draw on a bank where they have no account.”
—Oscar Wilde (1854–1900)
“As the term of my relief from this place [Washington, D.C.] approaches, it’s drudgery becomes more nauseating and intolerable, and my impatience to be with you at Monticello increases daily.”
—Thomas Jefferson (1743–1826)