Geneva, Switzerland

Econometrics

Language: English Studies in English

Subject area: economy and administration

University website: www.unige.ch/

Econometrics

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. 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" (in cognate form) was by Polish economist Paweł Ciompa in 1910. Jan Tinbergen is considered by many to be one of the founding fathers of econometrics. Ragnar Frisch is credited with coining the term in the sense in which it is used today.

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Econometrics

(Econometrics is) the unification of economic theory, statistics and mathematics.

Ragnar Frisch, quoted in: Warren Page (2013) Applications of Mathematics in Economics. p. 75

Wikiquote

Econometrics

In mathematical statistics, as well as econometrics, Ted Anderson is a scholar of immense stature. The scope and diversity of his research in statistical theory is almost a phenomenon in itself. Sometimes it seems that wherever one turns the subject, Ted's mark and influence is already firmly established. His books on multivariate analysis and time series rapidly became accepted as major treatises and are now integral parts of the bookshelves of every statistician.

Phillips, Peter CB. "The ET interview: Professor TW Anderson." Econometric Theory, 2.02 (1986): 249-288.

Wikiquote

Econometrics

The possibility of a stable economic life with full utilization of our resources is still not sufficiently assured, and it is extremely important that it should be so assured, and that the whole world should accept this as a fact. The work that is being done in econometrics is massive, and undaunted by mathematical difficulties, but it appears, at any rate as viewed from outside, to be unclear as to its aim.

Arnold Tustin The Mechanism of Economic Systems (1953) p. 1

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