ECONOMETRICS

Econometrics

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.

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econometrics

Noun

  1. The branch of economics that applies statistical methods to the empirical study of economic theories and relationships.


The above text is a snippet from Wiktionary: econometrics
and as such is available under the Creative Commons Attribution/Share-Alike License.

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