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Richard Stone, Demand Theory and the Emergence of Modern Econometrics

  • Gilbert, Christopher L
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    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.

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    Article provided by Royal Economic Society in its journal The Economic Journal.

    Volume (Year): 101 (1991)
    Issue (Month): 405 (March)
    Pages: 288-302

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    Handle: RePEc:ecj:econjl:v:101:y:1991:i:405:p:288-302
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