Introduction of Econometrics Essay
The topic of discussion in this sample essay will be “introduction to econometrics”. This is one of the most important concepts in the field of econometrics and even in itself. We shall discuss the various aspects to provide you a clear picture of the concept.
Moreover, in this sample essay, we will be discussing the following: firstly we will be looking at the definition of Econometrics. After this, we will be looking at different types of Econometrics. Later on, we shall discuss What an Econometrics model is. Lastly, we shall different types of data used in econometrics, as well as the aims of Econometrics.
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What is Econometrics?
Econometrics refers to the application of statistical methods to economic data in order to gain insight into economic relations. Moreover, in technical terms, it can be said that it is a quantitative analysis of real economic activates based on observations and hypotheses.
Adding to this, Pawet company a Polish economist in 1910 first coined the term “Econometrics”. Furthermore, Jan Tinbergen is considered to be one of the founding fathers of this sub-field. Furthermore, Ragnar Frisch is known for making the term what it is today.
Types of Econometrics
In this section of the sample essay, we shall discuss the different types of econometrics. Specifically, there are two types of econometrics fields. Nevertheless, these two types are as mentioned below:
- Theoretical econometrics
- Applied econometrics
We shall discuss both of these in brief below:
Theoretical econometrics is focused on studying methods. It includes the properties of methods and the development of new ones. Moreover, theoretical econometrics goes hand in hand with mathematical statistics. Adding to this, it provides assumptions concerning particular methods along with their properties.
As suggested by the name, applied econometrics applies the theories relating it to economics. Applied economics includes unemployment figures, portfolio theory, demand and supply functions, etc
What is the Econometrics model?
An econometric model is a statistical model used for the representation of real-world processes. The main aim of a model is to analyze the data and explains the complex economical scenarios. Moreover, at certain times such objectives may cause the model to be oversimplified and other times it may be overly complicated.
The types of data used in econometrics
As we discussed above there are different types of data used in econometric operations. Nevertheless, the data types are as mentioned below:
- Time series data
- Cross-section data
- Panel data
- Dummy variable data
Obviously, each data type has its own uses and applications. However, we won’t be elaborating on these data types any further for the sake of simplicity.
The aims of Econometrics
There is three main aim or goals of econometrics to be specific. The three main aims of econometrics are as follows:
- Development of econometric models
- Testing the model
- Using the model
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