Abstract
An econometrician has to be a competent mathematician and statistician who is an economist by training. Fundamental knowledge of mathematics, statistics and economic theory are a necessary prerequisite for this field. As Ragnar Frisch (1933) explains in the first issue of Econo-metrica, it is the unification of statistics, economic theory and mathematics that constitutes econometrics. Each view point, by itself is necessary but not sufficient for a real understanding of quantitative relations in modern economic life.
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 phe-nomena 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)
For other definitions of econometrics, see Tintner (1953).
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Baltagi, B.H. (2002). What is Econometrics?. In: Econometrics. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-662-04693-7_1
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