Empirical observations used as a starting point for the construction of economic theories. A stylized fact must be true in general, but not necessarily in every case. For example, it is a stylized fact that the shares of capital and labour in national income have been constant over time. This is true approximately for most countries, but is not exactly true for any country, nor approximately true for all countries.
Reference: Oxford Press Dictonary of Economics, 5th edt.
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