page_title: History of economic thought
section_title: Econometrics
hierarchical_section_title: History of economic thought / World wars, revolution and great depression (early to mid 20th century) / Econometrics
caption_attribution_description: Economist Clive Granger, who won the 2003 Nobel Prize in Economics. Clive Granger: Leica M8, Elmarit M 90/1:2,8 License on Flickr (2011-01-17): CC-BY-SA-2.0 Flickr tags: Clive, Leica M8, Lindau, Lindau Meeting of Nobel Laureats, Nobelpreisträger, Nobelpreisträgertreffen, Ökonom, Noble
context_page_description: The history of economic thought deals with different thinkers and theories in the subject that became political economy and economics, from the ancient world to the present day in the 21st Century. This field encompasses many disparate schools of economic thought. Ancient Greek writers such as the philosopher Aristotle examined ideas about the art of wealth acquisition, and questioned whether property is best left in private or public hands. In the Middle Ages, scholasticists such as Thomas Aquinas argued that it was a moral obligation of businesses to sell goods at a just price.
  In the Western world, economics was not a separate discipline, but part of philosophy until the 18th–19th century Industrial Revolution and the 19th century Great Divergence, which accelerated economic growth.
context_section_description: In the 1930s Norwegian economist Ragnar Frisch (1895–1973) and Dutch economist Jan Tinbergen (1903–1994) pioneered Econometrics, receiving the first-ever Nobel Prize in Economics in 1969. In 1936 Russian-American economist Wassily Leontief (1905–1999) proposed the Input-Output Model of economics, which uses linear algebra and is ideally suited to computers, receiving the 1973 Nobel Economics Prize.  After World War II, Lawrence Klein (1920–) pioneered the use of computers in econometric modeling, receiving the 1980 Nobel Economics Prize. In 1963–1964 as John Tukey of Princeton University was developing the revolutionary fast Fourier transform, which greatly speed up the calculation of Fourier Transforms, his British assistant Sir Clive Granger (1934–2009) pioneered the use of Fourier Transforms in economics, receiving the 2003 Nobel Economics Prize. Ragnar Frisch's assistant Trygve Haavelmo (1911–1999) received the 1989 Nobel Economics Prize for clarifying the probability foundations of econometrics and for analysis of simultaneous economic structures.
caption: Clive Granger (1934–2009)
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