Theory and Measurement

The motto "Theory and Measurement," first adopted in 1952, succinctly captures the mission of the Cowles Foundation: development and application of rigorous logical, mathematical, and statistical methods of analysis in economics and related fields. This motto replaced the original Cowles Commission motto "Science is Measurement," reflecting the importance of theory that became clear early in the history of Cowles. Over the years Cowles scholars have made important contributions to economic theory, to econometric theory, and to a broad range of fields of economics through work that combines economic models with statistical methods of measurement. The mission of "theory and measurement" is reflected in the broad range of Cowles activities today, including those of its four core research programs in Econometrics, Economic Theory, Macroeconomics, and Structural Microeconomics.