Moldova, Republic of Map on Earlier methods did not sufficiently account for the fact that real economic development is determined by the interaction of a multitude of economic relations and that economic laws are not strictly rigorous. For example, he demonstrated that an economist could not gauge the impact of a change in tax rates on consumer spending without using sophisticated statistical methods. In his thesis, Haavelmo presented a new and groundbreaking approach to the estimation of economic relations by applying methods used in mathematical statistics. His work established the foundations for a new field of research, which came to dominate the study of estimating complex economic relations.
In his review of Haavelmo's doctoral thesis, the British Nobel laureate Richard STONE wrote that it was a brilliant contribution to econometrics, which would have a revolutionary effect on the degree of success in estimating economic relations.
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After he became professor at the University of Oslo, Haavelmo's research interests turned to economic theory. His book, A Study in the Theory of Economic Evolution (1954), was a pioneering study of the possible reasons for economic underdevelopment of a country in relation to other countries, long before other economists became seriously engaged in development research.
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