By Francisco Louçã
A desirable and entire heritage, this publication explores an important transformation in 20th century economics: the production of econometrics.Containing clean archival fabric that has no longer been released ahead of and taking Ragnar Frisch because the narrator, Francisco Louca discusses either the keys occasions - the institution of the Econometric Society, the Cowles fee and the magazine Econometrica - and the main avid gamers - economists like Wesley Mitchell, mathematicians like John von Neumann and statisticians like Karl Pearson - in background that formed the advance of econometrics. He discusses the evolution in their concept, detailing the debates, the quarrels and the interrogations that crystallized their paintings or even deals a end of varieties, suggesting that many of the extra influential thinkers deserted econometrics or grew to become serious of its improvement. foreign in scope and charm, The Years of excessive Econometrics is a wonderful accompaniment for college students taking classes on likelihood, econometric tools and the historical past of monetary inspiration.
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Extra info for The Years of High Econometrics: A Short History of the Generation that Reinvented Economics
By looking up my own total utility function, I find that I have a strong preference for one of the two cakes. I will assert that this introspective observation is completely irrelevant for the choice problem I face. The really relevant problem is: which one of the two cakes does my wife prefer? If I knew that, the case would be easy. I would say ‘yes, please’ and take the other cake, the one that is her second priority. But here a problem of reliable data emerges. If I know exactly what she prefers, the case is resolved, but what if I am in doubt about that?
He then travelled until the spring of 1924 in order to discover more about the state of the art in economics: Britain, Germany and Italy were his next destinations. The very first paper that Frisch ever wrote was on numerical computation (1923), a subject he remained fascinated about throughout his life. During that period, he was also confident enough to prepare other papers on different topics related to mathematics and statistics. 5 His first paper on economics, ‘Sur un Problème d’Economie Pure’, was published in 1926 by the Norwegian Mathematical Association of Oslo University and includes the inaugural reference to the concept of ‘Econometrics’: Econometrics has as its aim to subject abstract laws of theoretical political economy or ‘pure’ economics to experimental and numerical verification, and thus to turn pure economics, as far as is possible, into a science in the strict sense of the word.
By turning economics into social physics, econometrics claimed to reach the heights of pure science. The perpetrators were a new generation of economists and statisticians, some of them immigrants from physics and mathematics, who challenged both the established references and routines of economics. As a result, econometrics proudly led to the professionalisation of the discipline, completely transforming its landscape and promising a new capacity for measurement, estimation, prediction and control.
The Years of High Econometrics: A Short History of the Generation that Reinvented Economics by Francisco Louçã