Abstract

We are deeply convinced that econometric and other statistical methods are essential tools of empirical economic analysis. However, they are useful only if applied properly. There is an overwhelming evidence that Zhen Quan Wang and Nigel J. Swain failed to do so in their referred article. All these problems of the empirical analysis suggest that the claims made by the paper are not supported by the data and the estimated models and can (and should) be considered as the results of pure speculation.