During the early 1960s, I decided to supplement research support for quantitative economic studies at Pennsylvania by selling econometric forecasts to private and public sector buyers.— Lawrence R. Klein
Successful Econometric quotations
During the early 1960s, I decided to supplement research support for quantitative economic studies at Pennsylvania by selling econometric forecasts to private and public sector buyers.
I work on the boundary between economics and statistics in this field called econometrics. Part of my interest is understanding how you use statistics in productive ways to analyze dynamic economic models.
[The 1975 Chase Econometrics] showed that for every one dollar spent on Apollo, 14 came back into the U.S. economy.
The first and most optimistic response was complete rational expectations econometrics. A rational expectations equilibrium is a likelihood function. Maximize it.
Econometrics may be defined as the quantitative analysis of actual economic phenomena based on the concurrent development of theory and observation, related by appropriate methods of inference.
Economic development is something much wider and deeper than economics, let alone econometrics. Its roots lie outside the economic sphere, in education, organisation, discipline and, beyond that, in political independence and a national consciousness of self-reliance.
On the way from Chicago, I spent the summer of 1947 in Ottawa, helping to build the first of a series of econometric models for the Canadian government.
The funds from the sale were put into research and general teaching budgets at the university. Wharton Econometric Forecasting Associates, Inc., is now a growing enterprise with many model and other econometric facilities.