Alfred Cowles

Alfred Cowles III (September 15, 1891 – December 28, 1984) was an American economist, businessman, and founder of the Cowles Commission for Research in Economics, an influential research institute which advanced the field of econometrics in the 20th century. When he established the Cowles Commission in 1932, he was intent on making economics more of a "science" by collecting data and applying modern mathematical and statistical techniques. Although he shared the same name as his father and grandfather, both of whom had been involved with the Chicago Tribune Company, he preferred to be known simply as Alfred Cowles. He graduated from Yale in 1913.

By 1932, Cowles was convinced that the entire field was flawed and that there was very little understanding of how to make economic predictions. Its original offices were in the Mining Exchange Building in Colorado Springs.

Personal life and death In 1916, Cowles moved in with his aunt Sarah Cowles Stewart and her husband Philip Stewart, at their house on Millionaire's Row at Colorado Springs. He was based in Colorado Springs for 20 years, although he also spent some years in Chicago.

Cowles married Betsy Strong, a student at Vassar College and friend of his cousin Laura Cheney, in 1924. In 1925, they adopted a son, and in 1928, they adopted a daughter. Eleven years apart in age, Bob and Betsy struggled to find common interests and eventually divorced in 1939. He remarried on October 24, 1949, to Louise Lamb Phelps.

Cowles died at the age of 93 on December 28, 1984, in Lake Forest, Illinois.

Selected works