It gives me indeed very great pleasure to be in your midst this morning. It is indeed very gratifying to note that the Second Conference of the Econometric Society’s Regional Chapter for India and South East Asia is being held in Delhi. 2. Econometrics as a discipline has come a long way.
Enriched by the developments both in mathematical economics and statistical methods, econometrics has today become an indispensable tool to all practitioners. Without a numerical evaluation of economic magnitudes, economic theory would have been of little use in economic policy. The original motto of Cowles Foundation was ‘Science is measurement’.