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Econometrics Comes of Age

   But “applied economics?”  Not so fast!

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“Econometrics” was little more to me than a word I occasionally misused when a copy of The Practice of Econometrics: Classic and Contemporary, by Ernst Berndt, arrived in the mail in 1993.  I had read, I suppose, Ragnar Frisch’s forward to the inaugural issue of Econometrica, in 1933. After all, Frisch, a Norwegian, and Jan Tinbergen, a Hollander, had been the first economists recognized by the new Nobel Memorial Prize in Economic Sciences, in 1969. Experience has shown that each of three viewpoint, statistics, economic theory, and mathematics, is a necessary, but not by itself sufficient, condition for a real