A Comment to Guy H. Orcutt, ‘Toward Partial Redirection of Econometrics’
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Also published in: Dale J. Poirier (Ed.), The Methodology of Eonometrics. International Library of Critical Writings in Econometrics (Vol. 6), Edward Elgar, Aldershot, 1994, p. 223
I am in almost complete agreement with Dr. Orcutt's views; in fact it is striking to what an extent my own forthcoming publication "On the Theory of Economic Policy" is based on the same approach. I t should be recognized, however, I think, that Frisch, in his "Memorandum on Price-Wage-Tax-Subsidy Policies" laid the foundations to this approach.
- exogenous variables