Definitions for econometricsɪˌkɒn əˈmɛ trɪks
This page provides all possible meanings and translations of the word econometrics
Random House Webster's College Dictionary
e•con•o•met•rics*ɪˌkɒn əˈmɛ trɪks(n.)
the application of statistical techniques to solving problems and testing theories in economics.
* (used with a sing. v.).
Origin of econometrics:
the application of mathematics and statistics to the study of economic and financial data
The branch of economics that applies statistical methods to the empirical study of economic theories and relationships.
Econometrics is the application of mathematics, statistical methods, and, more recently, computer science, to economic data and is described as the branch of economics that aims to give empirical content to economic relations. More precisely, it is "the quantitative analysis of actual economic phenomena based on the concurrent development of theory and observation, related by appropriate methods of inference." An introductory economics textbook describes econometrics as allowing economists "to sift through mountains of data to extract simple relationships." The first known use of the term "econometrics" was by Paweł Ciompa in 1910. Ragnar Frisch is credited with coining the term in the sense that it is used today. Econometrics is the unification of economics, mathematics, and statistics. This unification produces more than the sum of its parts. Econometrics adds empirical content to economic theory allowing theories to be tested and used for forecasting and policy evaluation.
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