The Years of High Econometrics: A Short History of the Generation that Reinvented Economics

by Loutp; Francisco

• ISBN13: 9780415419741
• ISBN10: 0415419743
• Edition: 1st
• Format: Hardcover
• Copyright: 2007-08-23
• Publisher: Routledge

Summary

A fascinating and comprehensive history, this book explores the most important transformation in twentieth century economics: the creation of econometrics. Containing fresh archival material that has not been published before and taking Ragnar Frisch as the narrator, Francisco Louca discusses both the keys events - the establishment of the Econometric Society, the Cowles Commission and the journal Econometrica ? and the major players - economists like Wesley Mitchell, mathematicians like John von Neumann and statisticians like Karl Pearson - in history that shaped the development of econometrics. He discusses the evolution of their thought, detailing the debates, the quarrels and the interrogations that crystallized their work and even offers a conclusion of sorts, suggesting that some of the more influential thinkers abandoned econometrics or became critical of its development. International in scope and appeal, The Years of High Econometrics is an excellent accompaniment forstudents taking courses on probability, econometric methods and the history of economic thought.

Author Biography

Francisco Louca is Professor of Economics at the ISEG in Lisbon.

Table of Contents

Introduction

List of characters

Foundation

'Not Afraid of the Impossible': Ragnar Frisch, 1895-1973

The Emergence of Social Physics: The Econometric People are Assembled

The Years of High Theory

Construction

What Counts is What Can be Counted

Particles or Humans: Paradoxes of Mechanics

Debates

Challenging Keynes: The Econometric Movement Builds its Trenches

Intriguing Pendula: Delights and Dangers of Econometric Conversation

Quod Errat Demonstrandum: The Concept of Probability Puzzling the Econometricians

Theory and practice at the edge

Chaos or Randomness

Is Capitalism Doomed? - A Nobel Discussion

Prometheus Tired of War

Conclusion: A Brave New World

References

Photograph credits

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