In this paper the problem of simultaneous estimation and Control in macroeconometric models is considered, Using the adaptive control scheme of Deshpandeet al. (1073)on a linear 28-variable model of the U.S. economy, it is shown that the unknown parameters in the model can be identified while simultaneously controlling the economy, A comparison of the average value of the criterion function (with and without ‘ learning ’) is made to emphasize the importance of using the adaptive systems approach in econometrics.