Abstract
Eckstein was an entrepreneur who moved a whole technology from the research community into the marketplace. Until he founded Data Resources, Inc., macroeconometric models were research vehicles and not vehicles for aiding business decision making. Under his direction Data Resources came to dominate the marketplace for this type of information, but more importantly it changed the nature of the game. To be taken seriously after his innovation, all economic forecasts had to be buttressed with econometric equations and no large firm would attempt to begin its decision-making processes without an understanding of the national and international economic forecasts emanating from such models.
This chapter was originally published in The New Palgrave Dictionary of Economics, 2nd edition, 2008. Edited by Steven N. Durlauf and Lawrence E. Blume
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Thurow, L.C. (2008). Eckstein, Otto (1927–1984). In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95121-5_434-2
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DOI: https://doi.org/10.1057/978-1-349-95121-5_434-2
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Publisher Name: Palgrave Macmillan, London
Online ISBN: 978-1-349-95121-5
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Latest
Eckstein, Otto (1927–1984)- Published:
- 16 March 2017
DOI: https://doi.org/10.1057/978-1-349-95121-5_434-2
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Original
Eckstein, Otto (1927–1984)- Published:
- 17 November 2016
DOI: https://doi.org/10.1057/978-1-349-95121-5_434-1