If you are involved in language teaching rather than lexicography,
single word lists from small selective corpora can be seriously useful -
look at the arguments in Guy Aston's PALC paper - or mine for that
matter (both available in HTML at Tim John's home page
http://sun1.bham.ac.uk/johnstf/homepage.htm - go to the bibliography).
My growing experience is that so long as you declare what you are
comparing with what, you can say some pedagically useful things with
this sort of data. For example using a wordlist from the one million
word written set in "Core" BNC (ie the future BNC Sampler) as a
reference list + Mike Scott's Keywords propgram (WordSmith Tools -
http://www.liv.ac.uk/~ms2928/homepage.html), I'm finding plenty of
things to say things about a research corpus (112,000 words) of a
specific genre - and that the conclusions that you reach from this sort
of study can be useful for teaching purposes.
It may only be a drop in Jem's ocean - but it can still be an
interesting drop. There's more to corpus linguistics than lexicography.
Chris Tribble
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