http://mostlyeconomics.wordpress.com/2013/03/19/using-statistics-to-understand-economic-history-when-data-is-limited/ This blog covers research work in Economics with focus on India Sat, 25 May 2013 23:15:42 +0000 hourly 1 http://wordpress.com/ http://mostlyeconomics.wordpress.com/2013/03/19/using-statistics-to-understand-economic-history-when-data-is-limited/#comment-89943 Tue, 19 Mar 2013 13:32:42 +0000 http://mostlyeconomics.wordpress.com/?p=11933#comment-89943 Robert Solow,an American economist and a Nobel Prize winner in
Economics,once said:”All theory is based on assumptions which
are not quite true,this is what makes it a theory.”Former President
Henry Truman in the USA,avoided having an economist as an ad-
viser,since “economists use”on the one hand,and on the other
hand,language.”ONE définition of “economics’is worth reiterating,
namely”economics is a science of thinking in terms of models,
joined to the art of using models serving in solving contemporary
world problems.”Also,Henri Theil,a scholar from the University of
California,Davis,Ca,once said”Models are to be used ,not believed.”
Finally,Benjamin Disraéli,former prime minister of the United King-
dom,referred to three types of lies”three kinds of lies:lies,damned
lies,and statistics.”

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