Money and Markets: Essays in Honor of Leland B. Yeager

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Good ideas and bad regressions 81the conditional logit model is not often used in economic research. Ironically, the onearea in economics where data might be sufficient to estimate such a model is in the areaof voting/public choice with some of the large data sets available.Another model of individual choice that is sometimes found in PC research is calledthe logit model. In this model one needs data on the observed choice, only, andcharacteristics of the chooser. With only characteristics of the chooser, the connection toutility maximization is weak and we are led back in the direction of the “pro formareduced form.” There are many other instances of these “pro forma reduced forms” inPC research and I discuss the conditional logit model in detail because that is the onlyplace a “pro forma reduced form” model can be justified.5 One indication of the problems in PC empirical research is that the terms “structuralmodel,” “reduced form,” and “proxy variable,” are often not mentioned in the paper. Inthe absence of a structural model one might not recognize that what is being estimated isthe “pro forma reduced form.” The term, “proxy variable” has been replaced withlanguage like, “As a measure of X, we used Y.” The term, “proxy,” and discussion of theeconometric implications of proxy variables are omitted.6 McCloskey (1994) would argue that this is too strict a condition because no one believesempirical research.7 One indication that this type of work is being done by some economists is the existence ofempirical papers with titles like, “The Determinants of Something.” In economics oneshould know the determinants before estimating the regression model. This titleindicates that a search for correlations is to follow.8 LT use citations as a measure of value. I note that, in the reply, McCloskey does not citethe LT paper.9 In the reply, McCloskey points out that the bad writing issue can be investigated by othermeans. To directly address the research question about writing quality, McCloskeysuggests that LT simply put examples of writing before experts/people to judge.10 On one count I disagree with McCloskey’s assessment of the LT paper. McCloskeyrefers to the LT paper as “economics.” In my opinion, the LT paper is not economics butsociology.ReferencesCaudill, S.B. and R.G. Holcombe (1999). Specification Search and Levels of Significance inEconometric Models. Eastern Economic Journal, 25: 289–300.Caudill, S.B., F. Zanella and F. Mixon (2000). Is Economic Freedom One Dimensional? AFactor Analysis of Some Common Measures of Economic Freedom. Journal of EconomicDevelopment, 75: 27–40.Greene, W.H. (2003). Econometric Analysis, 5th edn. New Jersery: Prentice Hall.Gwartney, J., R. Lawson and W. Block (1996). Economic Freedom of the World: 1975–1995.Vancouver, BC: Fraser Institute.Haavelmo, T. (1944). The Probability Approach in Econometrics. Supplement to Econometrica,12: iii.Holcombe, R.G. (1989). Economic Models and Methodology. New York: Greenwood.Johnson, B., K. Holmes and M. Kirkpatrick (1998). 1998 Index of Economic Freedom.Washington, DC: The Heritage Foundation and Dow Jones & Company, Inc.Kennedy, P. (1998). A Guide to Econometrics, 4th edn. Cambridge, MA: The MIT Press.Kmenta, J. (1986). Elements of Econometrics, 2nd edn. New York: Macmillan.Laband, D.N. and C.N. Taylor (1992). The Impact of Bad Writing in Economics. EconomicInquiry, 30: 673–88.Leamer, E.E. (1978). Specification Searches. New York: John Wiley & Sons.
82 Steven B. CaudillMaddala, G.S. (1983). Limited-dependent Variable Models in Econometrics. Cambridge: CambridgeUniversity Press.McCloskey, D.N. (1986). The Writing of Economics. New York: Macmillan.McCloskey, D.N. (1992). Writing as a Responsibility of Science: A Reply to Laband andTaylor. Economic Inquiry, 30: 689–95.McCloskey, D.N. (1994). Why Don’t Economists Believe Empirical Findings? EasternEconomic Journal, 20(3): 479–81.Messick, R. (ed.) (1996). World Survey of Economic Freedom 1995–1996: A Freedom House Study.New Brunswick, NJ: Transaction.Tintner, G. (1968). Methodology of Mathematical Economics and Econometrics. Chicago, IL: TheUniversity of Chicago Press.von Mises, L. (1966). Human Action, 3rd edn. Chicago, IL: Henry Regnery.
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Money and MarketsIn recent decades,
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The Cultural Foundations ofEconomic
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First published 2006by Routledge2 P
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viiiContents9 The genesis of an ide
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ContributorsJürgen G. Backhaus is
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Preface and acknowledgmentsLeland B
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1 A zeal for truthRoger KopplIf the
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A zeal for truth 3kind of decision-
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A zeal for truth 5and attributes to
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A zeal for truth 7“30 years to th
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A zeal for truth 9I have a $10 bank
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A zeal for truth 11conversation, Ye
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A zeal for truth 13a market economy
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A zeal for truth 15of “approval o
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A zeal for truth 17to offer about e
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A zeal for truth 19Klappholz, K. an
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2 The Yeager mystiqueA profile of t
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The Yeager mystique 23students bent
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The Yeager mystique 25Yeager’s pe
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The Yeager mystique 27none, but not
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The Yeager mystique 29demeanor coul
Page 46 and 47: The Yeager mystique 31wanted to cou
Page 48 and 49: The Yeager mystique 33The common id
Page 50 and 51: The Virginia renaissance in politic
Page 60 and 61: 4 LelandA personal appreciationGord
Page 62 and 63: Leland, a personal appreciation 47I
Page 64 and 65: Monopoly politics and its unsurpris
Page 82 and 83: Good ideas and bad regressions 67I
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Page 94 and 95: Good ideas and bad regressions 79pa
Page 98 and 99: 7 Pluralism, formalism, andAmerican
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Page 116 and 117: Figure 8.1 The “Genealogical Tabl
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Page 134 and 135: circumstances and even acts of will
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Page 142 and 143: The genesis of an idea 127Stuart Mi
Page 144 and 145: The genesis of an idea 129suggest t
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The genesis of an idea 131macroecon
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The genesis of an idea 133value. Hi
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The genesis of an idea 135half of m
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The genesis of an idea 137Unsettled
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The genesis of an idea 1398 “M. S
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ReferencesThe genesis of an idea 14
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10 The macroeconomics of money,savi
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The macroeconomics of money, saving
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The macroeconomics of money, saving
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Mr. YeagerThe macroeconomics of mon
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11 No-name moneyMaria Minniti and L
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No-name money 153many political lea
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No-name money 155consultants, who f
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No-name money 157bank chose the one
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No-name money 159While inflation in
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No-name money 161was reinforced by
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No-name money 163private ownership,
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No-name money 165Mencinger, Joze (1
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Monetary disequilibrium theory and
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Reflections on reswitching and roun
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14 Leland Yeager’s utilitarianism
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Leland Yeager’s utilitarianism as
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15 Ethnic conflict and theeconomics
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Ethnic conflict and the economics o
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NotesEthnic conflict and the econom
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The legacy of Bismarck 243War, the
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The legacy of Bismarck 245people wo
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The legacy of Bismarck 247system, b
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The legacy of Bismarck 249Old age i
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IndexAckley, G., Macroeconomic Theo
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Marshall, A.: approach to economics
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concerns 10-11, 150; monetarydisequ
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Money and Markets: Essays in Honor of Leland B. Yeager

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