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.
The numerical value of econometrics in Chaldean Numerology is: 4
The numerical value of econometrics in Pythagorean Numerology is: 4
Images & Illustrations of econometrics
Translations for econometrics
From our Multilingual Translation Dictionary
- statistica economicaItalian
Get even more translations for econometrics »
Find a translation for the econometrics definition in other languages:
Select another language:
Discuss these econometrics definitions with the community:
Word of the Day
Would you like us to send you a FREE new word definition delivered to your inbox daily?
Use the citation below to add this definition to your bibliography:
"econometrics." Definitions.net. STANDS4 LLC, 2017. Web. 21 Nov. 2017. <http://www.definitions.net/definition/econometrics>.