Econometric theory, as presented in textbooks and the econometric literature generally, is a somewhat disparate collection of findings. Its essential nature is to be a set of demonstrated results that increase over time, each logically based on a specific set of axioms or assumptions, yet at...

This essay considers some of the circumstances that have characterized econometric practice during the past fifty to sixty years, including both the invention and use of the electronic computer and the growing accessibility of both micro- and macroeconomic data. However, its particular focus is...