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What Is Econometrics?

In: Econometrics

Author

Listed:
  • Badi H. Baltagi

    (Syracuse University)

Abstract

What is econometrics? A few definitions are given below: The method of econometric research aims, essentially, at a conjunction of economic theory and actual measurements, using the theory and technique of statistical inference as a bridge pier. Trygve Haavelmo (1944) Econometrics may be defined as the quantitative analysis of actual economic phenomena based on the concurrent development of theory and observation, related by appropriate methods of inference. Samuelson, Koopmans and Stone (1954) Econometrics is concerned with the systematic study of economic phenomena using observed data. Aris Spanos (1986) Broadly speaking, econometrics aims to give empirical content to economic relations for testing economic theories, forecasting, decision making, and for ex post decision/policy evaluation. J. Geweke, J. Horowitz, and M.H. Pesaran (2008) For other definitions of econometrics, see Tintner (1953).

Suggested Citation

  • Badi H. Baltagi, 2011. "What Is Econometrics?," Springer Texts in Business and Economics, in: Econometrics, chapter 0, pages 3-12, Springer.
    • Handle: RePEc:spr:sptchp:978-3-642-20059-5_1
    DOI: 10.1007/978-3-642-20059-5_1
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