Oskar Morgenstern on Economic Data

23 August 2006 at 8:53 am 2 comments

| Peter Klein |

Philipp Bagus rehabilitates Oskar Morgenstern’s great, and underappreciated, book On the Accuracy of Economic Observations, first published in 1950. Morgenstern’s target was national income statistics and macro-econometric forecasting, but many of the same issues apply to business forecasting as well.

Entry filed under: - Klein -, Austrian Economics, Methods/Methodology/Theory of Science.

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2 Comments Add your own

  • 1. Nicolai Foss  |  23 August 2006 at 9:10 am

    I am by no means a Morgenstern scholar but I suspect that the book is considerably older and was first published in German.

  • 2. Peter Klein  |  23 August 2006 at 9:26 am

    Possibly, I was referring to the first English edition.

    BTW, are any readers familiar with Morgenstern’s monograph “Prolegomena to a Theory of Organization,” written for the RAND Corporation in 1951? Michael Godfrey has made a copy available here:

    Click to access prolegom.pdf

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