Trygve Haavelmo quotes

Trygve Haavelmo was a Norwegian economist renowned for his pioneering work in econometrics. His research laid the groundwork for the probabilistic approach in economic modeling and analysis. He was awarded the Nobel Memorial Prize in Economic Sciences for his contributions to the field. Here is 1 of his quotes:

What makes a piece of mathematical economics not only mathematics but also economics is, I believe, this: When we set up a system of theoretical relationships and use economic names for the otherwise purely theoretical variables involved, we have in mind some actual experiment, or some design of an experiment, which we could at least imagine arranging, in order to measure those quantities in real economic life that we think might obey the laws imposed on their theoretical namesakes. (Trygve Haavelmo)

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Trygve Haavelmo

Occupation: Norwegian Economist
Born: December 13, 1911
Died: July 28, 1999
Quotes count: 1
Wikipedia: Trygve Haavelmo