This book contains a set of notes prepared by Ragnar Frisch for a
lecture series that he delivered at Yale University in 1930. The
lecture notes provide not only a valuable source document for the
history of econometrics, but also a more systematic introduction to
some of Frisch's key methodological ideas than his other works so
far published in various media for the econometrics community. In
particular, these notes contain a number of prescient ideas
precursory to some of the most important notions developed in
econometrics during the 1970s and 1980s More remarkably, Frisch
demonstrated a deep understanding of what econometric or
statistical analysis could achieve under the situation where there
lacked known correct theoretical models. This volume has been
rigorously edited and comes with an introductory essay from Olav
Bjerkholt and Duo Qin placing the notes in their historical
context.
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