How econometrics helps in solving economic problems?
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burl
Apprentice
Joined: 22 Aug 2005
Posts: 1
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 Posted: 09/11/08 - 08:58 Post subject: |
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| Economy is very complex discipline, and it is all the more important because it has direct bearings on the daily financial matters of individuals, institutions and whole countries. That is why it is extremely important that all its problems are very well defined and areas of deliberation very strictly formulated. Econometrics helps by using statistics and statistical models in economic problems thus achieving a very high level of precision and exactness. Hope you find this helpful. |
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sigismond
Apprentice
Joined: 22 Nov 2005
Posts: 2
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| Posted: 09/26/08 - 03:24 Post subject: |
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| Aside from being a mathematical discipline, Economy offers a lot of insights into the human nature, principles of justice, and deals with various issues on normative and psychological level. However, if only these two aspects were crucial, the Economy would be too imprecise, and would not offer many results. And indeed, when such situations happen, you can use Econometrics and its statistical, quantifiable models to make your results more concrete and thereby much more useful and applicable. |
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floyd
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Joined: 04 May 2006
Posts: 1
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| Posted: 10/10/08 - 21:50 Post subject: |
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| I would agree with all that was said. There is a lot of problems econometrics itself has to solve itself. It is not a completely unified discipline that has various components and branches. There is a purely mathematical part, but there is also a part dealing with behavioral aspects of economy. In any case, it is inseparable from the economy itself and without it, it would not be nearly as useful as it is with it. |
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