ABSTRACT
Despite the fact that the model sequences are
8 The same view is put forward by Hart:
"If we assume (which for many problems makes more sense) that expectations on the basis of a past sequence of economic quantities are powerfully influenced by politics, inventions, etc., then without bringing in 'exogenous' variables we cannot get a clearcut process-analysis sequence. We may assume we know expectations and plans at the outset; but after a few 'periods' the influence of revisions accumulates, so that any long sequence can only be illustrative" (Hart 1951, pp.viii-ix).
