Econometrics is about how we can use theory and data from economics, business, and the social sciences, along with tools from statistics, to answer ‘‘how much’’ questions . Are You agree with me ?
Econometrics is the application of mathematics and statistics to information and data related to the Economy; Also, compare the results with real life examples.
It is also worth mentioning that Econometrics is divided into Theoretical and Practical.
https://www.investopedia.com/terms/e/econometrics.asp
Literally, Econometrics means "Economic measurement".
It can also be referred to as the social science in which the tools of economic theory, mathematics, and statistical inference are applied to the analysis of economic phenomena.
Econometrics is the application of statistical methods to economic data and is described as the branch of economics that aims to give empirical content to economic relations.
Wish you good luck.
Dear Professor Battal,
I am not in economics, so I don't know a thing about it, but lately I red an article by Stiglitz (world bank) about the signification of numbers - they are red in a certain context: as "profit" or "poverty" numbers depending on who consult them. The context numbers are placed and who reeds them, with what intentions, that is the question!
Richard Taler distinguishes "humans" and "econs" - choices (research data) can be met half way in the manner they are presented to a target public (nudge).
So the signification of numbers can be indeed an importend field of research.
The president of the United States if famous because of his use of the word "billions". And the number of likes on his twitter acound. How are they red?
best wishes
Willy
The econometrics is a method of economic analysis that deals with the numerical assessment of the relations between economic variables, based on economic theory, mathematics and statistics to reach its objective of testing hypotheses and estimating and then predicting economic phenomena.
The econometrics is defined as a social science using the tools of economic theory, mathematics and statistics to analyze economic phenomena.
Economic model and standard model:
Economic model: It is a system of relations between economic variables designed to facilitate the description of the nature of those relations in a free of details and complexities and representative of reality.
Standard Model: It is an economic model that includes addition to theoretical relations represented mathematically in the sense of random variables, which consists of either one equation or a set of equations .
Terms of the application of the standard economy: 1. The need for the existence of an economic theory of the phenomenon studied .
2. The possibility of translating economic theory into mathematical .
3 . the possibility of applying methods of statistical inference on the hypotheses of this theory .
Econometrics is an academic field in which an economic model is created based on the theory of economics and empirical analysis on the validity of the economic model is made by statistical methods.
Econometrics is an academic field that carries out empirical research on economic models and has made a great contribution to the development of modern economics.However, the possibility of utilizing econometric economics by not only the verification of the economic model but also the application to the engineering field is widespread.
Econometrics and Operations Research is an academic program focused on the development and application of quantitative methods to analyze economic issues in a broad sense.
Economist puts economic relations in mathematical form and uses statistical data in an attempt to make those relationships practical. Economists, for example, may think that a person's income determines how much is spent, and economists can interpret this relationship in a general pattern.
All about numbers !!!! That is a measure of GDP to stock market , relevant and essential for growth analysis .
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