Jan Tinbergen: Advantage

Jan Tinbergen was Dutch economist. Explore interesting quotes on advantage.

Jan Tinbergen: 42 quotes22 likes

“First of all I want to remind you of the essential features of models. In my opinion they are: (i) drawing up a list of the variables to be considered; (ii) drawing up a list of the equations or relations the variables have to obey and (iii) testing the validity of the equations, which implies the estimation of their coefficients, if any. As a consequence of especially (iii) we may have to revise (i) and (ii) so as to arrive at a satisfactory degree of realism of the theory embodied in the model. Then, the model may be used for various purposes, that is, for the solution of various problems. The advantages of models are, on one hand, that they force us to present a "complete" theory by which I mean a theory taking into account all relevant phenomena and relations and, on the other hand, the confrontation with observation, that is, reality. Of course these remarks are far from new.”

"The Use of Models: Experience," 1969

“The advantages of models are, on one hand, that they force us to present a "complete" theory by which I mean a theory taking into account all relevant phenomena and relations and, on the other hand, the confrontation with observation, that is, reality.”

"The Use of Models: Experience," 1969

“Econometrics is the name for a field of science in which mathematical-economic and mathematical-statistical research are applied in combination. Econometrics, therefore, forms a borderland between two branches of science, with the advantages and disadvantages thereof; advantages, because new combinations are introduced which often open up new perspectives; disadvantages, because the work in this field requires skill in two domains, which either takes up too much time or leads to insufficient training of its students in one of the two respects.”

Source: Econometrics, 1951, p. 3; Cited in: Econometrica: journal of the Econometric Society. (1953) p. 36

“As a boundary science, econometrics is younger than the adjacent regions, which fact likewise has advantages and disadvantages. As a disadvantage, the lack of an established doctrine, and also the lack of established textbooks, can be felt; as an advantage is the fresh enthusiasm, with which its students work.”

Source: Econometrics, 1951, p. 3; Cited in: Economia e finanças: anais do Instituto superior de ciências económicas e financeiras. (1953), p. 463