[I]n the late 1920’s and early 1930’s…. There were lots of deep thoughts [in economics], but a lack of quantitative results. … It is usually not of very great practical or even scientific interest to know whether the [causal] influence [of some factor] is positive or negative, **if one does not know anything about the strength.**

But much worse is the situation when an [outcome] is determined by many different factors at the same time, some factors working in one direction, others in the opposite directions. One could write long papers about so-called tendencies explaining how this … might work…. But what is the … total net effect of all the factors? This question cannot be answered without measures of … strength….

Trygve Haavelmo

Bank of Sweden pseudo-Dynamite Prize Laureate 1989, for work in econometrics

### Like this:

Like Loading...

*Related*

Tags: academia, Alfred Nobel, Bank of Sweden, data, dynamite, econometrics, economics, education, elasticity, experiment, facts, human factors, ideation, laureate, magnitude, math, mathematics, maths, measurement, quantification, science, size, statistics, theory, Trygve Haavelmo

This entry was posted on February 27, 2012 at 8:37 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed.
You can leave a response, or trackback from your own site.

## Leave a Reply