The Fellowship of Econometrics: Selection and Diverging Views in the Province of Mathematical Economics, from the 1930s to the 1950s

Abstract

Two defining moments in the history of econometrics and in that of the Econometric Society are discussed in this essay. The first is the founding of the society and the initial skirmishes over the criteria for selecting its fellows, who were to represent the best practices of econometrics. The second was, twenty years later, the discussion about the nature of the mathematics adequate for the progress of econometrics. In both cases, some dissident views were presented, but whereas in the first period a pluralistic approach dominated, by the time of the second debate a more coherent and cohesive view was prevalent in econometric circles, to the discomfort of some of its founders.

Meritocracy Voting: Measuring the Unmeasurable

“…Debate on the qualifications for fellowship are as ancient as learned societies themselves. In an archival study on the foundation of the Econometric Society, for example, Louça and Terlica (2011) provide extensive evidence of diverging views among the founders of that Society about candidates for fellows in the early 1930s. They report continuing divisive debates among the broader fellowship in the 1950s about selection criteria for fellowship 1 .…”

“…p. 35). See Louça and Terlica (2011) for further examples and discussion. this process, and respecting subjective assessments of credentials across a population of electors is a serious challenge for any society.…”