Answer to Question #219325 in Statistics and Probability for Vickie

Question

Justify the study of econometrics

Answer 1

Econometrics is not mathematics or statistics only, but econometrics clearly belongs to the economic discipline. With this approach to teaching econometrics, students will get a clear understanding of econometric practice and the underlying econometric theory. The integration of econometric theory, its application and the use of econometric software are the parts of econometrics study.

The best way to learn about doing quantitative economic research is to study econometrics where theory and empirical work alternate in an integrated way: immediately applying a discussed procedure on economic data by using econometric software. Students see the benefit of theoretically explained methods more clearly when they are directly applied in an empirical example.