Econometrics
 

"Econometrics is derived from several disciplines, including mathematical economics, statistics, economic statistics, and economic theory. The goal of econometrics is twofold: to give economic theory empirical data and to empirically verify it. It is a study that produces measurements, where qualitative data is turned into quantitative mathematical forms. Once this is performed, these statements can then be empirically proven, disproven, measured, and compared.
Despite common assumption, econometrics is not statistics, differing in one important aspect: the study of statistics is performed in controlled experiments, whereas econometrics often has to deal with data. An important tool used in econometrics is regression analysis, which can further be divided into time-series analysis, and cross-sectional analysis. Time-series analysis examines and measures variables over a certain period of time. Cross-sectional analysis studies the correlation between different variables at a point in time. Time-series and cross-sectional analysis can be performed simultaneously on the same sample, which is then called panel analysis."
 

 

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