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α: calibrated so average coauthorship-adjusted count equals average raw count
Forty-five years ago when I started to study econometrics seriously I was full of confidence that the application of mathematics and statistical methodology would soon lead to a better understanding of the economic system, and, ultimately, to better public and private policies. Now, with the world economy poised on the edge of a world slump and Eastern Europe and the undeveloped world in turmoil my general hope seems optimistic. Even within econometrics, experience proves that the more we study econometrics the more there is to discover. I will concentrate on a brief survey of the problems in successfully modelling an economy both for understanding the way that it works and for the purpose of deciding on successful government policies.