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Richard Stone, Demand Theory and the Emergence of Modern Econometrics

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  • Gilbert, Christopher L

Abstract

In 1945, the year Richard Stone first published on demand analysis, there was no consensus on how economic data should be analyzed; but over the decade 1945-54 least squares regression emerged. This process may be seen in Stone's work, but Stone also had a major influence on the emergence and formalization of the methodology. He was influenced by the Cowles Commission work, but did not see simultaneity as a major practical problem. His abandonment of confluence analysis was in part due its lack of statistical foundations, but also to his perception of residual serial correlation as a dominant problem in time-series econometrics. Copyright 1991 by Royal Economic Society.

Suggested Citation

  • Gilbert, Christopher L, 1991. "Richard Stone, Demand Theory and the Emergence of Modern Econometrics," Economic Journal, Royal Economic Society, vol. 101(405), pages 288-302, March.
  • Handle: RePEc:ecj:econjl:v:101:y:1991:i:405:p:288-302
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    Cited by:

    1. Christopher L. Gilbert & Duo Qin, 2005. "The First Fifty Years of Modern Econometrics," Working Papers 544, Queen Mary University of London, School of Economics and Finance.
    2. Lokshin, Michael, 2009. "A survey of poverty research in Russia: Does it follow the scientific method?," Economic Systems, Elsevier, vol. 33(3), pages 191-212, September.

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