Reading it today, what is striking – in a text that contains the bold general conclusions I have just discussed – is the complete absence of econometrics (there is only one slightly cryptic reference, on pages 903-04, to an attempt at quantitative validation, which is in any case abandoned).
This absence, however, is countered by the meticulous reconstruction of the concrete conditions against which 35  See for example pp. 757 and following, 924-25. Despite their overall conclusion that we succinctly summarised earlier, F&S devote considerable effort to discussing the interpretation of changes in V that are not easily ascribable to cyclical reasons.