The Cowles Commission, the Brookings Project, and the Econometric Services Industry: Successes and Possible New Directions: A Personal View

Abstract

This paper presents an overview of the Cowles Commission effort in the area of econometric theory and a critical review of the Brookings Project, but flaws are noted in both efforts. The Brookings part reflects a view of the project as seen by one of the younger members of the coordinating team; it is a view shared to some extent by other members. The paper deals with the research work stimulated by both projects and contains a brief but frank discussion of the emergence of a commercial econometric services industry. Finally, promising areas for future research are noted.