Mar

23

It is interesting to note that Alfred Cowles the founder of the Cowles Commission, and author of the first good empirical paper on stock market variations, and son of the owner of The Chicago Tribune, in the early 1900s, is a forgotten man. No bio on wikipedia or mention on google except for his father exists. Like Sloane and Kettering at Memorial, the denizens of the institution he founded seem to be ashamed of him. I corresponded with him when he was 70.

Orson Terril writes: 

This is a song from a skit that junior researchers performed in the 1950's:

"The Cowles Commission was featured in this one, to the tune of "The American Patrol" march:

We must be rigorous, we must be rigorous,
We must fulfill our role.
If we hesitate or equivocate,
We won't achieve our goal.
We must investigate our systems complicate
To make our models whole.
Econometrics brings about
Statistical control!

Our esoteric seminars
Bring statisticians by the score.
But try to find economists
Who don't think algebra's a chore.
Oh we must urge you most emphatically
To become inclined mathematically,
So that all that we've developed
May some day be applied!

Its exact authorship is surrounded by a certain degree of obscurity, which perhaps is just as well."

Little late here, catching up. I would like to echo our underwriter's points by expressing my surprise that there is not a single entry of Alfred Cowles on the wikipedia article for the Cowles Commission. This is worthy of surprise because, as was alluded to, the Cowles Commission is also now the Cowles Foundation. Titans of economics like Nobel Laureate Robert Solow, whose growth models are given a thorough workout in any intermediate or above macro-economics course, were funded by the Cowles Foundation. Robert Shiller is a researcher there. If he, and others, are worthy of a Nobel according to those who make such decisions, the namesake of his underwriter is certainly worth a mere wikipedia entry.


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