Otto Eckstein (1927–1984)

Otto Eckstein was a pioneer in building large macroeconomic models of the US. He collected vast quantities of data which allowed him to construct a model containing over 800 equations. This model was made available via desktop computers to commercial enterprises to forecast sales and business conditions. Eckstein also used the model to test economic theories and found that the long lag before consumers adjusted to changing price expectations cast doubt on the theory of rational expectations.