Radical Innovation in Empirical Economics
Chapter 10: Incremental Innovation in Economics
When it first appeared in the 1930s, econometrics was definitely a radical innovation. It arrived into an economics discipline which had two main strands: a theoretical tradition that was, with some exceptions, literary rather than mathematical; and an empirical tradition that was descriptive, and not based on indirect statistical inference. In place of that, the Econometric Society proposed a new approach to the science of economics, based on the ‘triad’ of economic theory, mathematics and statistics
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