The History Revisited

Qin Duo

in The Formation of Econometrics

Published in print July 1997 | ISBN: 9780198292876
Published online November 2003 | e-ISBN: 9780191596803 | DOI:
 The History Revisited

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Mainstream econometric research in the 1960s and the 1970s comprised primarily technical refinements and extensions of the structural modelling procedure. The author, therefore marks an end‐point around 1960 in the historical study of the formation of econometrics, and asks in this concluding chapter of the book what should and can be learnt from this period of history with respect to present and future econometric research. She has seen during the historical investigation presented that the key points of historic significance are the junctures at which economic thinking and mathematical statistics merged to match economics with data information. In the light of this, she tries to draw some more concrete lessons from these junctures, hoping to provide some useful points, particularly with respect to issues pertinent to present econometric developments. The prime impression of the history is that most important econometric advances have resulted from ingenious interfusion of statistical ideas with economic thinking, in regard to applied problems of interest, with the single most significant event of this sort being, perhaps, the acceptance of probability theory.

Keywords: econometric modelling; econometric models; econometrics; economics; history; probability theory; structural modelling

Chapter.  2204 words. 

Subjects: History of Economic Thought

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