Commercial economic forecasting started with two companies that were formed out of research that began in the United States just after the end of World War II. Wharton Economic Forecasting founded by Larry Klein out of the University of Pennsylvania and DRI (Data Resources, Inc.) founded by Otto Eckstein out of Harvard. Rumors have it that both Otto and Larry were investors in each others companies, but they were less rivals and more friends. At about the same time as they were building models of the US economy using the brilliant help of their best students, Mike Evans claims to have built the Wharton model and Alan Sinai the detailed monetary relationships in the DRI model, others were studying the post-war World Economy including Hollis Chenery at the World Bank and of course the links between industries Wassily Leontief out of Harvard with his IO models.
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11/5/2022 09:49:31 pm
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