The Cowles Commission at the University of Chicago, 1939–1955

Robert Dimand

Chapter 5 in The Palgrave Companion to Chicago Economics, 2022, pp 103-122 from Springer

Abstract: Abstract The Cowles Commission for Research in Economics, affiliated with the Econometric Society and dedicated to the advancement of economic theory in its relation to mathematics and statistics, was located at and affiliated with the University of Chicago from 1939 until its departure to Yale in 1955. While at Chicago, Cowles Commission researchers, led by Jacob Marschak and Tjalling Koopmans, made contributions to mathematical economics and econometrics, many of which were later recognised by Nobel prizes. These contributions included advances in simultaneous equations econometrics, economy-wide modelling, linear programming, general equilibrium analysis, social choice theory, and optimal portfolio diversification. The emerging Chicago school of economics led by Milton Friedman viewed some Cowles research as overly abstract and saw Cowles as creating tools for planning and Keynesian demand management. These methodological divergences and personal frictions contributed to the departure of the Cowles Commission from Chicago.

Keywords: Cowles Commission; Chicago school of economics; Jacob Marschak; Tjalling Koopmans; Methodology of economics; Mathematical economics; Econometrics; Arrow-Debreu-McKenzie general equilibrium; Social choice (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1007/978-3-031-01775-9_5

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