"Based on two lectures presented as part of the Stone Lectures in Economics Series, Arnold Zellner describes the structural econometric time series analysis (SEMTSA) approach to statistical and econometric modeling...As scientists and decision-makers in industry and government worldwide adopt the Bayesian approach to scientific inference, decision-making, and forecasting. Zellner offers an in-depth analysis and appreciation of this important paradigm shift. Finally, Zellner discusses the alternative approaches to model-building and looks at how the use and development of the SEMTSA approach has led to the production of a Marshallian macroeconomic model that will prove valuable to many."