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The thing is that the Solow model makes absolutely excellent sense, and the only thing that marks it as a neoclassical model is the substitution of "saving" where "investment" should be. And it's always tested using the rate of investment anyway, because we have data on that, as opposed to the rate of saving which is quite difficult to measure precisely.

So yeah I think Solow is quite justified in thinking that of himself as a scientist in contrast to the quacks and charlatans infesting the profession.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sat Aug 3rd, 2013 at 01:51:20 PM EST
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