Fisher to the analysis of economic data.
Frisch (1934) was highly skeptical of the value of sampling theory and significance tests in
econometrics. His objection was not, however, based on the epistemological reasons that
lay behind Robbins’s and Keynes’s criticisms of econometrics. He was more concerned
with the problems of multicollinearity and measurement errors which he believed were
pervasive in economics and to deal with the measurement error problem he developed his confluence analysis and the method of ‘bunch maps’.