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“Estimation' suggests a Bayesian approach to data, while 'testing' suggests a classical approach. I prefer estimation, since I think researchers who want to test often choose models that are more specific than the economics require. They talk of adding restrictions for no reason other than making their models easier to reject.”
― Fischer Black, Exploring General Equilibrium

“In principle, we can estimate and even test the general equilibrium model. ...

In practice, we probably won't try to estimate or test the most general version of the model. The costs of gathering detailed data on tastes and technology, and of experimenting with the economy, are too high. If we decide not to test the general equilibrium model, I think we should keep it around to help organize our thinking about stylized facts and other data.”
― Fischer Black, Exploring General Equilibrium

“Those who do use models consistent with general equilibrium add assumptions that make their models much more specific. They may still aim for models general enough to explain many things, but they speak of 'identifying restrictions,' or restrictions that make it possible to 'reject' the models by looking at conventional economic data. I like creating more specific models, too, but only when I have strong economic reasons for the restrictions I add.”
― Fischer Black, Exploring General Equilibrium

“I have had no formal training in economics of finance. I do not fully understand some of the tools and concepts used by those who have had that training. Sometimes I think I'm close, but then they slip away. I question many conventions in economic research; but in some cases, it's just that I don't fully understand them.

I can't help but look at the big picture. The world is becoming more specialized, as my own theories suggest. I too try to specialize, but my mind keeps wandering. As a result, I make errors, both small and large. I don't like errors, and I'd appreciate help in finding them.”
― Fischer Black, Business Cycles and Equilibrium