What Is Econometrics?

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).