Book contents
- Frontmatter
- Contents
- Introduction
- Lecture 1 Commerce, Wealth and Power: The Disputed Foundations of the Strength of a Nation
- Lecture 2 Natural Order, Physiocracy and Reform
- Lecture 3 Adam Smith I: Outline of a Project
- Lecture 4 Adam Smith II: The Two Texts
- Lecture 5 The Political Economy of Malthus and Ricardo
- Lecture 6 Political Economy in Continental Europe and the United States
- Lecture 7 Political Economy, Philosophic Radicalism and John Stuart Mill
- Lecture 8 Popular Political Economy: List, Carey, Bastiat and George
- Lecture 9 Radical Political Economy: Marx and His Sources
- Lecture 10 Marginalism and Subjectivism: Jevons and Edgeworth
- Lecture 11 From Political Economy to Economics
- Lecture 12 Alfred Marshall’s Project
- Lecture 13 Markets and Welfare after Marshall
- Lecture 14 Monetary Economics
- Lecture 15 The Rise of Mathematical Economics
- Lecture 16 Robbins’s Essay and the Definition of Economics
- Lecture 17 John Maynard Keynes
- Lecture 18 Quantitative Economics
- Lecture 19 The Keynesian Revolution
- Lecture 20 Modern Macroeconomics
- Lecture 21 Inflation and the Phillips Curve
- Lecture 22 Popular Economics
- Lecture 23 Economics and Policy
- Lecture 24 Ideology and Place
- Index
Lecture 18 - Quantitative Economics
Published online by Cambridge University Press: 09 August 2023
- Frontmatter
- Contents
- Introduction
- Lecture 1 Commerce, Wealth and Power: The Disputed Foundations of the Strength of a Nation
- Lecture 2 Natural Order, Physiocracy and Reform
- Lecture 3 Adam Smith I: Outline of a Project
- Lecture 4 Adam Smith II: The Two Texts
- Lecture 5 The Political Economy of Malthus and Ricardo
- Lecture 6 Political Economy in Continental Europe and the United States
- Lecture 7 Political Economy, Philosophic Radicalism and John Stuart Mill
- Lecture 8 Popular Political Economy: List, Carey, Bastiat and George
- Lecture 9 Radical Political Economy: Marx and His Sources
- Lecture 10 Marginalism and Subjectivism: Jevons and Edgeworth
- Lecture 11 From Political Economy to Economics
- Lecture 12 Alfred Marshall’s Project
- Lecture 13 Markets and Welfare after Marshall
- Lecture 14 Monetary Economics
- Lecture 15 The Rise of Mathematical Economics
- Lecture 16 Robbins’s Essay and the Definition of Economics
- Lecture 17 John Maynard Keynes
- Lecture 18 Quantitative Economics
- Lecture 19 The Keynesian Revolution
- Lecture 20 Modern Macroeconomics
- Lecture 21 Inflation and the Phillips Curve
- Lecture 22 Popular Economics
- Lecture 23 Economics and Policy
- Lecture 24 Ideology and Place
- Index
Summary
Aims of the lecture
1. To explain the origins of modern econometrics.
2. To explain the transition from measurement to testing.
3. To comment on the relationship between econometrics and economics more broadly.
Bibliography
A primary reference here is Walter Friedman, Fortune Tellers: The Story of America’s First Economic Forecasters (Princeton, NJ: Princeton University Press, 2014).
M. Morgan’s A History of Econometrics (Cambridge: Cambridge University Press, 1990) is the key text on the history of econometrics, which is the basis for much of this lecture. D. F. Hendry and M. Morgan’s The Foundations of Econometric Analysis (Cambridge: Cambridge University Press, 1995) is a book of readings covering the material on which Morgan’s history was based. There is value added in that the introduction contains interesting additional commentary on the articles.
J. D. Angrist and J.-S. Pischke’s “The Credibility Revolution in Empirical Economics: How Better Research Design Is Taking the Con out of Econometrics”, Journal of Economic Perspectives 24:2 (2010), 3–30, argues that there has been a profound change in econometric methods over the past 20 years. M. Panhans and J. Singleton’s “The Empirical Economist’s Toolkit: From Models to Methods”, History of Political Economy (forthcoming), seeks to understand the change in econometrics described by Angrist and Pischke.
Though it stops as the story told here begins, Judy Klein’s Statistical Visions in Time: A History of Time Series Analysis, 1662–1938 (Cambridge: Cambridge University Press, 1997) covers the origins of time-series analysis.
This lecture does not go into detail on the history of the creation of statistics. Those who want a more detailed introduction to the topic than the brief account offered in this lecture can find it in four short pieces discussing developments in three countries: A. Vanoli, “National Accounting, History of “ (2008), in New Palgrave Dictionary of Economics, second edition (available online at www.dictionaryofeconomics.com); K. Tribe, “The Measurement of Economic Activity and the Growth Metric: Constructing National Income in Britain, 1907–41”, in The Economy of the Word: Language, History and Economics (Oxford: Oxford University Press, 2015), chapter 3;
- Type
- Chapter
- Information
- The History of EconomicsA Course for Students and Teachers, pp. 275 - 288Publisher: Agenda PublishingPrint publication year: 2017