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
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