"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."
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Nobel laureates in EconomicsEconomists from NorwayNobel laureates from NorwayMathematicians from Norway
Original Language: English
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Trygve Haavelmo, "The probability approach in econometrics" in: Supplement to Econometrica. 12 91944), p. 5; Cited in Pearl (2012, 1-2)
https://en.wikiquote.org/wiki/Trygve_Haavelmo
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Trygve Haavelmo
Trygve Magnus Haavelmo (13 December 1911 – 28 July 1999) was an influential economist with main research interests centered on the fields of econometrics and economics theory.
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