“All economic decisions, whether private or business, as well as those involving economic policy, have the characteristic that quantitative and non-quantitative information must be combined into one act of decision. It would be desirable to understand how these two classes of information can best be combined.”

Attributed to Morgenstern in: John H. McArthur, ‎Bruce R. Scott (1969), Industrial planning in France. p. 21.

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Oskar Morgenstern 5
austrian economist 1902–1977

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Lead paragraph of a memorandum on the importance of establishing the journal "Oekonometrika"
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“An important object of the Journal should be the publication of papers dealing with attempts at statistical verification of the laws of economic theory, and further the publication of papers dealing with the purely abstract problems of quantitative economics, such as problems in the quantitative definition of the fundamental concepts of economics and problems in the theory of economic equilibrium.
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Ragnar Frisch (1895–1973) Norwegian economist

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1920

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