Rational Econometric Man

Rational Econometric Man

Transforming Structural Econometrics

Edward J. Nell and Karim Errouaki

This challenging and original book takes a fresh, innovative look at econometrics, and re-examines the scientific standing of structural econometrics as developed by the founders (Frisch and Tinbergen) and extended by Haavelmo and the Cowles modellers (particularly Klein) during the period 1930–1960.

Chapter 8: Scientific issues in structural econometrics

Edward J. Nell and Karim Errouaki

Subjects: economics and finance, econometrics


We have suggested that much of the later work in applied macro econometrics represents a retreat from the scientific standards the Cowles Commission sought to establish. Indeed, Stone (1978, p. 1, quoted by Swann, 2008, p. 43) pointed out that ‘econometrics proper – meaning the use of econometric methods to improve applied economics – had not been advancing’. He went on to argue that ‘the Cowles project was superior to the econometrics work of the late 1970s’.

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