Econometric Society

Econometric Society
Name	Econometric Society
Founded	0 1930
Founder	Ragnar Frisch, Irving Fisher, Charles F. Roos
Headquarters	New York City, United States
Focus	Advancement of economic theory in its relation to statistics and mathematics
Website	http://www.econometricsociety.org/

Econometric Society. It is an international learned society dedicated to the advancement of economic theory through the application of statistical and mathematical methods. Founded in 1930, it serves as the primary professional organization for econometricians and theoretical economists worldwide. The society promotes the development and dissemination of quantitative economic research through its prestigious journals, conferences, and fellowship programs.

History and founding

The organization was established in 1930 through the collaborative efforts of several pioneering economists, most notably Ragnar Frisch of Norway and Irving Fisher of Yale University. The founding meeting, held in Cleveland, Ohio, was also attended by figures like Charles F. Roos and Joseph Schumpeter. Its creation was driven by a desire to unify economic theory with empirical measurement and statistical analysis, a movement gaining momentum after the publication of seminal works like Henry Ludwell Moore's studies. The inaugural issue of its journal, Econometrica, was published in 1933, solidifying its role as a central institution in the development of modern economics. Early support came from the Rockefeller Foundation and the Cowles Commission, which was closely associated with the society's research agenda for decades.

Mission and objectives

The central mission is to promote studies that aim at a unification of the theoretical-quantitative and the empirical-quantitative approach to economic problems. It seeks to foster a scientific approach to economics that embraces mathematical modeling and rigorous statistical testing. A key objective is the advancement of economic knowledge through the development and application of econometrics, a term coined by Ragnar Frisch. The society actively supports the global dissemination of new research and methodological innovations among academics, policymakers, and institutions like the International Monetary Fund and the World Bank.

Publications and journals

Its flagship publication is the journal Econometrica, one of the most esteemed periodicals in the field of economics, first edited by Ragnar Frisch. In 1986, the society launched two additional journals: Theoretical Economics, which focuses on pure economic theory, and Quantitative Economics, dedicated to empirical and theoretical research in quantitative economics. These publications feature groundbreaking work by leading scholars, including numerous future recipients of the Nobel Memorial Prize in Economic Sciences. The society also publishes conference proceedings and special monographs that shape discourse within the discipline.

Activities and conferences

It organizes a major annual global congress, the World Congress of the Econometric Society, held every five years in locations such as Barcelona, Montreal, and Tokyo. Regional meetings are held annually in North America, Europe, Latin America, Asia, and Australasia, including the prominent North American Summer Meetings. These gatherings, often hosted by institutions like the University of Cambridge or the Massachusetts Institute of Technology, provide forums for presenting cutting-edge research, debating methodological issues, and fostering collaboration among economists from diverse backgrounds like the European Central Bank and major academic departments worldwide.

Governance and membership

Governance is conducted by an elected Council of the Econometric Society and an executive committee, with administrative support based in New York City. Membership is divided into several classes, with the most distinguished being the Fellow of the Econometric Society, an honorific title awarded for significant scholarly contribution. Ordinary members include academics, researchers from institutions like the National Bureau of Economic Research, and professionals in related fields. The society maintains a decentralized structure with regional committees overseeing activities across continents, ensuring broad international participation in its leadership and initiatives.

Notable members and awards

Its fellowship comprises many of the most influential economists of the 20th and 21st centuries, including numerous Nobel Memorial Prize in Economic Sciences laureates such as Paul Samuelson, Kenneth Arrow, James Heckman, and Esther Duflo. The society itself bestows several prestigious awards, most notably the Frisch Medal, awarded for applied econometric work published in Econometrica. Other honors include the Fisher-Schultz Lecture and the Marschak Lecture, named for luminaries like Irving Fisher and Jacob Marschak. Notable past presidents have included John Maynard Keynes, Jan Tinbergen, and Robert Lucas Jr., reflecting its central role in the evolution of economic thought.

Category:Econometrics Category:Learned societies Category:International professional associations