This chapter recounts the evolution of econometric models up to the 1940s, discussing the common criteria and principles used for model choice, and the generalization of model construction as econometrics focused on the structural modelling procedure. The first section reviews the pre‐model period, and the second looks at the emergence of models and the structural method of model construction. The initial generalization (formalization) efforts of the model‐building strategy and criteria are dealt with in the third section. Concludes with the establishment of the structural modelling procedure (the maturity of simultaneous‐equations model formulation).
Keywords: criteria, econometric modelling, econometric models, econometrics, formalization, generalization, history, model construction, principles, simultaneous‐equations model formulation, structural modelling
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