As the main concern of economics has shifted away from description and institutional analysis, economists have sought to quantify the relationships underpinning their models more precisely. In part this concern has been prompted by the desire to...

The measurement of economic relationships using statistical techniques, and the testing of economic theories. Econometrics has become the basis for economic forecasting. It was inseparable from mathematics and statistics as an academic discipline until...

Econometrics is concerned with the tasks of developing and applying quantitative or statistical methods to the study and elucidation of economic principles.[1] Econometrics combines economic theory with statistics to analyze and test economic...