Cowles Foundation and the Econometric Society: A Historic Partnership Driving Economics Forward

Since the early 1930s, the Cowles Foundation and the Econometric Society have shared a distinctive partnership built on the shared goal of applying rigorous quantitative methods in economics. Over several decades and across multiple relocations, this relationship has helped shape academic discourse and fostered innovation in the use of mathematics and statistics in economics throughout the broader field. Below we reflect on the history of this partnership, and look ahead to the Econometric Society’s continued growth, hearing from Incoming President Larry Samuelson and Executive Vice President Bart Lipman.

“Together, The Cowles Foundation and the Econometric Society have played key roles in developing and promoting rigorous economic analysis, and the current state of economics owes much to their influence.”

—Larry Samuelson, The A. Douglas Melamed Professor of Economics, and Incoming President of the Econometric Society

The Econometric Society traces its beginnings to 1930, when Norwegian economist Ragnar Frisch, Yale economist Irving Fisher, and Princeton economist Charles F. Roos convened an organizational meeting in Cleveland. Joseph Schumpeter chaired that 16-person gathering, which formally established the Society and elected Irving Fisher as its first president. The inaugural annual meeting took place in Lausanne, Switzerland, in 1931.

Not long after, Alfred Cowles—who founded the Cowles Commission for Research in Economics in 1932—offered financial support that enabled the Society to launch its flagship journal, Econometrica, in 1933. Ragnar Frisch served as the journal’s first editor, and the earliest issues published papers from the first Econometric Society meetings. During that period, Cowles also acted as the Society’s first Secretary, Treasurer, and circulation manager, setting the stage for what would become a long and collaborative relationship.

Originally based in Colorado Springs alongside the Cowles Commission, the Econometric Society’s business and editorial offices followed the Commission through several relocations: to Chicago in 1939, then to Yale in 1954. Around this time, the Cowles Commission formally became the Cowles Foundation for Research in Economics.

In 1975, the Econometric Society’s offices moved from Yale to Northwestern University, followed by a move to New York University in 2007. By 2017, however, the Society returned to its roots under the Cowles Foundation’s roof at 30 Hillhouse Avenue, reinvigorating a connection that dated back to Irving Fisher and Alfred Cowles.

Larry Samuelson—then Director of the Cowles Foundation and now the incoming President of the Econometric Society—remarked at the time that the return was in line with the historical bond between the two institutions.

Reflecting on the move, Samuelson emphasizes that “It’s good for Yale’s Department of Economics because Yale has long been known for its strengths in econometrics and economic theory. That distinctive character is reinforced by having the Econometric Society here.”

Bart Lipman, Executive Vice President of the Society, echoes this sentiment: “The affiliation with the Econometric Society has reflected well on the Cowles Foundation and Yale University. The Cowles Foundation’s goal is to have Yale broadly viewed as the leading economics department for research involving the use of mathematics and statistics in the analysis of economic issues. The Econometric Society is the most prominent and effective society devoted to the use of mathematics and statistics in economics, and the Society’s journal Econometrica is the leading journal for such work in the profession.”

Today, the Econometric Society is embracing new ways of engaging with economists worldwide. In 2010, it developed a new journal, Quantitative Economics, and took over the publication of another, Theoretical Economics—to reflect a broader scope of research interests. It is also increasing its digital presence: conferences, workshops, and meetings increasingly incorporate virtual participation, making it easier for scholars from around the globe to contribute. Through new initiatives in emerging regions, such as Africa and parts of Asia, the Society is building global research capacity and promoting collaboration.

As incoming President, Samuelson emphasized that his goals are to retain and grow the Society’s international identity, continue to encourage mathematical and statistical rigor in economics, and adapt to evolving technology and research environments.

By uniting advanced quantitative methods with economic theory, the Econometric Society and the Cowles Foundation have contributed significantly to how the discipline understands and addresses economic issues. Their collaboration enriches Yale’s research environment and sustains the Society’s influence in the broader field.

“The Society's mission to promote statistics and mathematical methods now permeates through many aspects of economics. And as our discipline expands in its scope and breadth, it is remarkable to see how the framework of economics can be adapted and developed.”

—Bart Lipman, Executive Vice-President

Going forward, both institutions remain committed to fostering rigorous analysis and championing scholarship that meets the challenges of a rapidly changing world. This enduring partnership—grounded in nearly a century of shared history—continues to enhance the economics profession, while also supporting the next generation of researchers who aspire to push the boundaries of quantitative economic analysis.