The Cowles Commission's econometric work had a profound effect on economic analysis after the Second World War. Econometrics was a young discipline at that time and the author discusses the principle contributors and their work at the Cowles Commission for Research in Economics. Successful econometrics relies on combining economics with mathematics and statistics. It is also important to remember that quantitative economics does not give results that are robust in very small confidence areas - rather they provide guidance for policy makers and facilitate a better understanding of the economy.

JEL Codes: B23