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Duo Qin examines the history of econometrics from 1930 to 1960 in terms of the basic issues in econometric modelling: the probability foundations, estimation, identification, testing and model construction, and specification. She specifically argues that the probability revolution of the 1940s which formed the foundation for econometric theory was an incomplete revolution. She asserts that the incompleteness was the basis for the problems and failures which occurred in applying the newly-established theory to modelling practice. In linking early econometric history with many issues of interest to contemporary developments in econometrics, Qin provides an engaging work describing a previously undocumented period in the history of economics.