Econometrics and Scientific Management

Abstract

Econometrics or the science of econometric models takes into account the use of economic researches closely related to the researches in statistics and mathematics. It includes theories aiming at the new scientific discoveries obtained by intersecting the discoveries of the scientific researches in economy with those in mathematics and statistics. This science is based on the econometric research that faces some contradictions, such as: the structural-phenomenological ones, the causal-stochastic ones, the rational-empirical ones, etc. Econometric research regardless of the models used always encounter a whole series of difficulties on the implementation of econometric models in practice. Such difficulties targeting structure and nature of the phenomenon studied, the causal relationships between system elements and differences between rational and empirical model. The essence of the econometric research is the relation between the object and signal reflected in the econometric model created. Econometrics operates with econometric functions which are the expression of the connections between the elements of economy. At the same time, it is closely related to inter-conditioning with managerial sciences.