Editing Stylized fact (section)

==Origin of the term==
When describing what is generally regarded as the first econometric macro model ever developed, [[Jan Tinbergen]] (1936) introduces the concept of stylization as follows: "To get a clear view, stylisation is indispensable. The many phenomena must be grouped in such a way that the picture becomes clear, yet without losing its characteristic traits. Of course every stylisation is a hazardous venture. The art of the social economist's work lies in this stylisation. Some stylisations have been unwieldy, others have been unrealistic. But stylisation is essential. The alternative is barrenness."<ref>The full text of Tinbergen's 1936 paper, originally written in Dutch, is available in English as 'An economic policy for 1936', in Klaassen et al., eds. (1959, pp. 37–84). There the quoted phrases are found on p. 41, in a somewhat different wording.  This translation is taken from Don, H. and Verbruggen, J. 2006. Models and methods for economic policy;60 years of evolution at CPB ''Statistica Neerlandica'' 60)2.</ref> {{further|Kaldor's facts}}
The term "stylised facts" was introduced by the economist [[Nicholas Kaldor]] in the context of a debate on economic growth theory in 1961,<ref name="caeg">{{cite book |first=Nicholas |last=Kaldor |year=1961 |chapter=Capital Accumulation and Economic Growth |editor-last=Lutz |editor2-last=Hague |title=The Theory of Capital |location=London |pages=177–222 }}</ref> expanding on model assumptions made in a 1957 paper.<ref>{{cite journal |first=Nicholas |last=Kaldor |year=1957 |jstor=2227704 |title=A Model of Economic Growth |journal=The Economic Journal |volume=67 |issue=268 |pages=591–624 |doi=10.2307/2227704 |doi-access=free }}</ref>
Criticizing the neoclassical models of economic growth of his time, Kaldor argues that theory construction should begin with a summary of the relevant facts. However, to handle the problem that "facts as recorded by statisticians, are always subject to numerous snags and qualifications, and for that reason are incapable of being summarized",<ref name="p178">Kaldor 1961, p. 178</ref>
he suggests that theorists "should be free to start off with a stylised view of the facts – i.e. concentrate on broad tendencies, ignoring individual detail".<ref name="p178" />
With respect to broad tendencies that result from such a process, Kaldor coins the term "stylized facts".