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When Everything Old is New Again

Fri, 19 May 2017 14:27:54 GMT

Some ideas are so good that they keep re-appearing again and again. In other words, they stand the test of time, and prove to be useful in lots of different contexts – sometimes in situations that we couldn’t have imagined when the idea first came to light. This certainly happens in econometrics, and here are just a few examples that come to mind. Principal Components Principal components analysis (PCA) was proposed by Pearson (1901), and then developed independently by Hotelling in various...