ECON 2113 Chapter Notes -Econometrics, Statistical Inference, Net Impact
Document Summary
Econometrics may be defined as the social science in which the tools of economic theory, mathematics, and statistical inference are applied to the analysis of economic phenomena. Social science is, in its broadest sense, the study of society and the manner in which people behave and influence the world around us. It tells us about the world beyond our immediate experience, and can help explain how our own society works from the causes of unemployment or what helps economics. Economic phenomenon refers to situations or problems that economists deal with. Econometrics is concerned with the empirical determination of economic laws. Econometrics can also be defined as a statistical and mathematical methods to the analysis of economic data, with a purpose of giving empirical content to economic theories and verifying them or refuting them. The three aims of econometrics are formulation and specification of econometric models, estimating as well as testing of models and using models.
