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Reconciling Keynes and Tinbergen? Klein and His View on Econometrics as a Practical Tool for Policy Formulation

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  • Pinzón-Fuchs , Erich

    (Universidad Nacional de Colombia)

Abstract

In 1944, just five years after the controversy between John Maynard Keynes and Jan Tinbergen, Lawrence R. Klein found himself in a unique position. As a leading expert on Keynesian economics in the United States, Klein was recruited at the Cowles Commission to rebuild Tinbergen’s macro-econometric model of the US economy. This paper explores Klein’s macro-econometric approach as a serious attempt to reconcile Tinbergen’s work with Keynes’s criticisms. For Klein, macro-econometric modeling was not merely a tool for generating insights about the economic world but also a practice that took seriously the inherent limitations of statistical and mathematical methods. Ultimately, it was this complex practice—rather than econometric techniques alone—that enabled macroeconomists to discover, understand, and articulate concrete observations about the economy.

Suggested Citation

  • Pinzón-Fuchs , Erich, 2025. "Reconciling Keynes and Tinbergen? Klein and His View on Econometrics as a Practical Tool for Policy Formulation," Revista Desarrollo y Sociedad, Universidad de los Andes,Facultad de Economía, CEDE, vol. 99(5), pages 91-110, February.
    • Handle: RePEc:col:000090:021360
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    Keywords

    Keynes vs. Tinbergen Controversy; History of Econometrics; History of Macroeconomics.;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B23 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Econometrics; Quantitative and Mathematical Studies
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

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