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The funds from the sale were put into research and general teaching budgets at the university. Wharton Econometric Forecasting Associates, Inc., is now a growing enterprise with many model and other econometric facilities.

It came as a surprise to find that a professional society and journal (Econometrica) were flourishing, and I entered this area of study with great enthusiasm.

Much of my work in this period was concerned with exploring the logic of economic models, but also with attempting to reconcile the models with every day observation.

I had become interested in economics, an interest that was transformed into a lifetime dedication when I met with the mathematical theory of general economic equilibrium.

Any econometrician who wants to see practical application of his science will be highly concerned with applications to economic planning at the national level.

My decision to leave applied mathematics for economics was in part tied to the widely-held popular belief in the 1960s that macroeconomics had made fundamental inroads into controlling business cycles and stopping dysfunctional unemployment and inflation.

Part of my advantage is that my strength is economic forecasting, but that only works in free markets, when markets are smarter than people. That's how I started. I watched the stock market, how equities reacted to change in levels of economic activity, and I could understand how price signals worked and how to forecast them.

For decades, my research was driven by outstanding problems in macroeconomics: mainly growth theory and employment theory.

I started working and publishing in price theory by 1938.

A healthy economics has got to have both conceptual, theoretical research and applied, empirical research.