ABSTRACT

The attempt at quantification in econometrics comprises two aspects of equal importance. First, we have the axiomatic aspect, i.e. an abstract approach which consists of establishing as far as possible logical and quantitative definitions and constructing from the definitions a quantitative theory of economic relations. Then we have the statistical aspect, where we use empirical data. We try to fill the boxes of abstract quantitative relationships with real numerical data. We try hard to show how the theoretical laws manifest themselves at present in this or that industry or for this or that consumption category, etc. The true unification of these quantitative elements is the foundation for econometrics.