HARVARD ECONOMIC BAROMETER (FOREIGN EXPERIENCE OF APPLYING THE BAROMETRIC METHOD IN ECONOMIC AND MATHEMATICAL MODELING)

UDC 330.4.1
DOI: 10.36871/2618-9976.2024.02.002

Authors

Gennady A. Shcherbakov,
Doctor of Economics, Financial University under the Government of Russia

Abstract

The creation of the Harvard Economic Barometer represents the most interesting experience in building early economic and mathematical systems for analyzing and forecasting economic development. Its successful implementation and functioning for more than two decades was due not only to Prof. Warren Pearson, who harmoniously combined a deep understanding of the laws of economic dynamics with a focus on practical results, but also to the turbulent period of development of American capitalism, which created a market demand for relevant scientific developments.
The presented article contains the history of the Harvard Barometer, a review of its functioning principles, as well as an analysis of the reasons for failures in its work, which caused the fading interest of the scientific community in the use of the barometric method in economic modeling.

Keywords

Economic barometer, Economic and mathematical modeling, Economic forecasting, Instrumental method