By David Currie, R Nobay, David Peel

Bringing jointly the complaints of the 1979 and 1980 annual meetings of the organization of collage academics of Economics the papers during this quantity talk about: the impact of social defense on inner most saving; an research of combination client behaviour; the philosophy and pursuits of econometrics and different themes in macroeconomic and econometric research.

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1930). Macmillan. The Theory of Interest. New York: Harris, S. (1941). The Economics of Social Security. Yo r k : McGraw-Hi11. Harrod, R. (1948). Macmillan. Towards a Dynamic Economics. New London: Houthakker, H. (1961). An International Comparison of Personal Saving. Bulletin of the International Statistical Institute, #38, 56-59. Houthakker, H. (1965). On Some Determinants of Saving in Developed and Underdeveloped Countries, in Problems of Economic Development, E. ). London: Macmillan, Chapter 10.

Further use of them will lead to better analyses of data and decision problems. Fourth, much greater emphasis on reductive inference in 33 Philosophy and Objectives o f Econometrics teaching econometrics, statistics and economics would be desirable. To a certain extent, recent emphasis on exp­ loratory data analysis techniques in statistics is a step in the right direction and would be worth instituting in econometrics. Finally, I hope that this lecture has provided you with a number of surprising ideas and facts which will stimulate you to reconsider your thoughts about the philosophy and objectives of econometrics.

In each of these areas, new models for the micro-panel data were formulated, fitted and compared with macro-formulations. The results were most illumina­ ting. 3. Looking for regularities such as constancy of labor 1 share or of saving-income ratios is a good source of unu­ sual and surprising facts requiring explanation. 4. Strenuous simulation experiments with current econo­ metric models can produce unusual facts about models' pro­ perties which require explanations. For example, putting a model through a major depression may reveal many unusual features.

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