Ashok Rudra Econometricians confound the notions of inexact or approximate with that of stochastic.
The econometric application of probability theory is an example of the use of hypothetical populations in situations where no means exist of the hypotheses being tested.
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EPW looks forward to your comments. Please note that comments are moderated as per our comments policy. They may take some time to appear. A comment, if suitable, may be selected for publication in the Letters pages of EPW.