Pawel Ciompa and the meaning of econometrics: a comparison of two concepts

Pawel Ciompa's original and forgotten conception of econometrics is compared with Ragnar Frisch's interpretation of the term. Ciompa conceived of econometrics as being entirely descriptive, facilitating the conveyance of information in the field of accounting. In contrast, Frisch regarded it as a quantitative and empirical approach to economic theorising. Arguments against Frisch's conception of econometrics have been brought forward among others by Ciompa's countrymen of the Austrian School. Ciompa's own conception is immune to that criticism. It is concluded that modern econometrics should be confined to the narrower descriptive character that Pawel Ciompa originally attached to the term.