Dec

3

Kuznets’ course was valuable not only for the substance of the material but also for the way that he used the material to transmit the art of measurement. He repeatedly demonstrated that the central statistical problem in economics was not random error but systematic biases in the data.

This is from Robert Fogel in A Life in Learning. Might one also say that the same applies to the fundamental studies of the low p/e group led by the twins FF, and the contrarian DD in individual stocks, as well as the much more blatant problems in the Shiller and Siegel work.


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