financial theory. The author shows that the theorists of econometrics were a mix of mathematicians and cosmologists …This is the seventh book in a series of discussions about the great minds in the history and theory of finance. While … book describes how econometrics developed and how its underlying assumptions created the underpinning of much of modern …

, market competition, game theory and epistemology of probability and statistics. Each of the seven authors reminds us of the …

Trygve Haavelmo’s The Probability Approach in Econometrics (1944) has been widely regarded as the foundation document … of modern econometrics. Nevertheless, its significance has been interpreted in widely different ways. Some modern … theory and data. Others credit Haavelmo with an approach that focuses on statistical adequacy rather than theoretical …

Trygve Haavelmo's methodological manifesto "The Probability Approach in Econometrics" not only laid down the paradigm … econometrics and a profound discussion on invariance (autonomy). These subjects are well treated by various historians of … econometrics. This does not, however, apply to the problem of passive observation. It is only mentioned, if it is mentioned at all …