The Mathematical Aspects of Econometrics

Badi Baltagi

A chapter in Mathematics Unlimited — 2001 and Beyond, 2001, pp 67-81 from Springer

Abstract: Abstract As Ragnar Frisch (1933) explains in the first issue of Econometrica, the official journal of the econometric society, 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. The three key ingredients are economic data, economic theory (formulated through the use of mathematical models) and statistical methods (to estimate these models, to test the theory and to forecast future economic behavior). It is as Frisch emphasized, their union that is the key for success in the future development of econometrics.

Date: 2001
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DOI: 10.1007/978-3-642-56478-9_5

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