Co-integration, equilibrium and equilibrium correction are key concepts in modern applications of econometrics to real world problems. This book provides direction and guidance to the now vast literature facing students and graduate economists. Econometric theory is linked to practical issues such as how to identify equilibrium relationships, how to deal with structural breaks associated with regime changes and what to do when variables are of different orders of integration.
The philosophical writings of Otto Neurath, and their central themes, have been described many times, by Carnap in his authobiographical essay, by Ayer and Morris and Kraft decades ago, by Haller and Hegselmann and Nemeth and others in recent years. How extraordinary Neurath's insights were, even when they perhaps were more to be seen as conjectures, aperfus, philosophical hypotheses, tools to be taken up and used in the practical workshop of life; and how prescient he was. A few examples may be helpful: (1) Neurath's 1912 lecture on the conceptual critique of the idea of a pleasure maximum [ON 50] substantially anticipates the development of aspects of analytical ethics in mid-century. (2) Neurath's 1915 paper on alternative hypotheses, and systems of hypotheses, within the science of physical optics [ON 81] gives a lucid account of the historically-developed clashing theories of light, their un- realized further possibilities, and the implied contingencies of theory survival in science, all within his framework that antedates not only the quite similar work of Kuhn so many years later but also of the Vienna Circle too. (3) Neurath's subsequent paper of 1916 investigates the inadequacies of various attempts to classify systems of hypotheses [ON 82, and this volume], and sets forth a pioneering conception of the metatheoretical task of scientific philosophy.
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