Usually it is easier to obtain estimates for budget proportions and Engel elasticities than for elasticities with respect to price. By making certain… - Ragnar Frisch

… in economic political discussions there is a nearly infinite number of specific questions that may be asked. Besides the ones mentioned in section 3 consider for instance these: "Should we build a road between points A and B in the country?", "Should we promote investments that will give employment to many people, or should we on the contrary promote such investment which will save labour?"… "Should we put more emphasis on things that have up to now not been included in the statistical concept of the gross national product? For instance, should we try to avoid air-pollution and all the kinds of intoxications that may be caused by refuse and waste (a problem that must be studied in its totality as a problem of circulation of matter in society, much in the same way as we study interindustry relations in an input-output table)?“, “Should we assess economic value to an undisturbed nature?” etc.

Original in French: Intermediaire entre les mathematiques, la statistique et l'economie politique, nous trouvons une discipline nouvelle que ion peut, faute de mieux, designer sous le nom de reconometrie. L'econometrie se pose le but de soumettre les lois abstraites de l'economie politique theorique ou l'economie 'pure' A une verification experimentale et numeriques, et ainsi de constituer, autant que cela est possible, l'economie pure en une science dans le sens restreint de ce mot.

An important object of the Journal should be the publication of papers dealing with attempts at statistical verification of the laws of economic theory, and further the publication of papers dealing with the purely abstract problems of quantitative economics, such as problems in the quantitative definition of the fundamental concepts of economics and problems in the theory of economic equilibrium. The term equilibrium theory is here interpreted as including both the classical equilibrium theory proceeding on the lines of Walras, Pareto, and Marshall, and the more general equilibrium theory which is now beginning to grow out of the classical equilibrium theory, partly through the influence of the modern study of economic statistics. Taken in this broad sense the equilibrium problems include virtually all those fundamental problems of production, circulation, distribution and consumption, which can be made the object of a quantitative study. More precisely: The equilibrium theory in the sense here used is a body of doctrines that treats all these problems from a certain point of view, which is contrasted on one side with the verbal treatment of economic problems and on the other side with the purely empirical-statistical approach to economic problems