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Tuesday, November 28, 2006

Comments

Laurent GUERBY

I'd say the first problem with econometrics is that economists do not publish their data, and sometimes go as far as "inventing" reasons not to release data, eg about inflation measure:

http://www.eurotrib.com/story/2006/11/20/143350/23

David Story

Perhaps you have better study Leontiffs factor input and conversion to factor ouput in production of
goods and services before you comment on econometrics supply curves or , rather, anything about
the field of econmetrics at all.
David Story
Columbia and Franklin University.
Rutland, Manhattan, N.Y.C., N.Y, 10128

Lafayette

DS: "Perhaps you have better study Leontiffs factor input and conversion to factor ouput in production of goods and services before you comment on econometrics supply curves or , rather, anything about the field of econmetrics at all."

Just out of university with a degree in economics, I was fascinated by Liontief's work.

So, I got my company to pay for a seminar in I/O analysis that he was giving, with the intent of applying it to sectorial analysis (that would help my company forecast changes in the cost of material inputs).

Being brazen and totally un-political, I asked Lontief the question that everyone at the time was posing regarding the fundamentals of I/O analysis. That is, the ratios of inputs-to-outputs used in the inversion of the matrix. Many economist were saying they are NOT fixed and are highly variable, which seemed like a cogent argument. If so, then the results of any I/O analysis were questionable.

The sage of New York State University exploded in my face. Obviously, I had touched a sore spot with the old man.

And, I never did get a good answer to my question. If you have one, I'd be pleased to read it.


Lafayette

For an interesting note on the life of Wassily Liontief by James K. Galbraith, son of Big Ken, go here: http://utip.gov.utexas.edu/jg/archive/1999/leontief.htm

I cannot understand how such a massive contribution to economics (by a Noble Prize winner) has not found a continued following (in academia) that updates his techniques.

I am sure that there are means there for some interesting doctoral work (and, I suspect, in the area of productivity enhancement in business and commerce).

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Being brazen and totally un-political, I asked Lontief the question that everyone at the time was posing regarding the fundamentals of I/O analysis. That is, the ratios of inputs-to-outputs used in the inversion of the matrix. Many economist were saying they are NOT fixed and are highly variable, which seemed like a cogent argument. If so, then the results of any I/O analysis were questionable.

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