Abstract

Early in this century American institutionists and members of the German historical school attacked—and rightfully so—neoclassical economic theory for not being quantitative. This deficiency bothered Ragnar Frisch and motivated him, along with Irving Fisher, Joseph Schumpeter, and others, to organize the Econometric Society in 1930. The aim of the society was to foster the development of quantitative economic theory—that is, the development of what Frisch labeled econometrics. Soon after its inception, the society started the journal Econometrica. Frisch was the journal’s first editor and served in this capacity for twenty-five years.

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