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Amsterdam, Netherlands
University of Amsterdam

Econometrics

Bachelor's
Language: EnglishStudies in English
Subject area: economy and administration
University website: www.uva.nl/en
Econometrics
Econometrics is the application of statistical methods to economic data and is described as the branch of economics that aims to give empirical content to economic relations. More precisely, it is "the quantitative analysis of actual economic phenomena based on the concurrent development of theory and observation, related by appropriate methods of inference". An introductory economics textbook describes econometrics as allowing economists "to sift through mountains of data to extract simple relationships". The first known use of the term "econometrics" (in cognate form) was by Polish economist Paweł Ciompa in 1910. Jan Tinbergen is considered by many to be one of the founding fathers of econometrics. Ragnar Frisch is credited with coining the term in the sense in which it is used today.
Wikipedia
Econometrics
Intermediate between mathematics, statistics, and economics, we find a new discipline which, for lack of a better name, may be called econometrics. Econometrics has as its aim to subject abstract laws of theoretical political economy or "pure" economics to experimental and numerical verification, and thus to turn pure economics, as far as possible, into a science in the strict sense of the word.
Ragnar Frisch (1926) "On a Problem in Pure Eco­nomics: Translated by JS Chipman." Preferences, Utility, and Demand: A Minnesota Symposium. 1926."
Wikiquote
Econometrics
As an econ blogger, I get the sense that this is exactly how many Americans still think of economists--as self-appointed defenders of the free market, spinning theories to show that greed is good. Watching those old Milton Friedman videos, I wonder if that picture might have been accurate in the 1960s and 1970s. But some big things have changed in the field of economics, and America should know about them. Three big changes stand out in particular: Econ today is more data-driven, far less politically conservative, and in general much more like engineering than it used to be.
Noah Smith, "Economists used to be the priests of free markets--now they're just a bunch of engineers," Quartz, May 13, 2014.
Wikiquote
Econometrics
(Kálmán's) fundamental contributions to modern system theory... provided rigorous mathematical tools for engineering, econometrics, and statistics, and in particular for his invention of the "Kalman filter,"… was critical to achieving the Moon landings and creating the Global Positioning System and which has facilitated the use of computers in control and communications technology.
NSF (2008) "The President's National Medal of Science: Recipient Details"
Wikiquote

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