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The constructivist project 'Econometrics-1930': Implementation of the impossible or realization of inevitable?


  • Belyanova, E.

    (Ye.M. Primakov Institute of Word Economy and International Relations (IMEMO), Russian Academy of Sciences, Moscow, Russia)

  • Makasheva, N.

    (National Research University "Higher School of Economics", Moscow, Russia)


The article studies the project of the founding of the Econometric society and its implementation in 1930's in the context of the development of economic and statistical thought in the first third of the 20th century and its relation to the Keynesian revolution which began at that time. According to the idea of the Society's founding fathers it ought to become a driving force in the process of the purposeful reconstruction of economic science in the most promising direction, that meant, from their viewpoint, its advancement towards mathematization and quantification, and implementation of the verification principle in economic theory. Realization of that goal implied joint efforts of representatives of the relevant disciplines from different countries. This unique project embodied views of a relatively small group of scientists on scientific knowledge not shared by the majority of economists of the time. On the other hand it reflected objective trends that had developed in economic science by mid-1920s, therefore the founding of the Econometric Society as well as activities of its members significantly influenced the trajectory of the development of economic science in the post-war period.

Suggested Citation

  • Belyanova, E. & Makasheva, N., 2020. "The constructivist project 'Econometrics-1930': Implementation of the impossible or realization of inevitable?," Journal of the New Economic Association, New Economic Association, vol. 47(3), pages 158-177.
  • Handle: RePEc:nea:journl:y:2020:i:47:p:158-177
    DOI: 10.31737/2221-2264-2020-47-3-7

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    References listed on IDEAS

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    More about this item


    econometric society; econometrics; marginalist revolution; Keynesian revolution; R. Frisch; I. Fisher;
    All these keywords.

    JEL classification:

    • B1 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925
    • B23 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Econometrics; Quantitative and Mathematical Studies
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity


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