Two important features in the modern development of economics are the application of mathematics to abstract economic reasoning... and the attempt at placing economics on a numerical and experimental basis by an intensive study of economic statistics.

Both these developments have a common characteristic: they emphasize the quantitative character of economics. This quantitative movement in our estimation is one of the most promising developments in modern economics. We also consider it important that the two aspects of the quantitative method referred to should be furthered, developed, and studied jointly as two integrating parts of economics.

We therefore venture to propose the establishment of an international periodical devoted to the advancement of the quantitative study of economic phenomena, and especially to the development of a closer relation between pure economics and economic statistics. | We believe that the scope of the new journal would be happily suggested if it is called "Oekonometrika". Accordingly, the quantitative study of economic phenomena here considered may be termed econometrics. | Frisch (1927) as quoted in Divisia 1953, pp.24-25; Cited in: Bjerkholt, Olav. "Ragnar Frisch and the foundation of the Econometric Society and Econometrica." ECONOMETRIC SOCIETY MONOGRAPHS 31 (1998): 26-57. | Lead paragraph of a memorandum on the importance of establishing the journal "Oekonometrika"