Econometrics ... what is it? Who's doing it? Why?
What does Merriam-Webster say?
Main Entry: econo·met·rics
Pronunciation: i-"kä-n&-'me-triks, E-"kä-
Function: noun plural
but singular in construction
Etymology: blend of economics and
metric
Date: 1933
: the application of
statistical methods to the study of economic data and
problems
- econo·met·ric /-trik/ adjective
-
econo·met·ri·cal·ly /-tri-k(&-)lE/ adverb
-
econo·me·tri·cian /-m&-'tri-sh&n/ noun
-
econo·met·rist /-'me-trist/ noun
BAM!
According to the Britannica, ECONOMETRICS is "the statistical and mathematical analysis of economic relationships. Such information is used by governments to set economic policy, as well as by private business to make decisions on prices, inventory, and production. .... After the mid-1930s the development of national income accounting and of macro-economic theory opened the way for macroeconomic model building, involving attempts to describe an entire economy in mathematical and statistical terms.
A model developed by L.R. Klein and A.S. Goldberger in the United States after World War II was the forerunner of a large family of macroeconometric models. It was constructed on an annual basis and has been elaborated upon in a form known as the Michigan model. A later generation of models, based on quarterly data, permits the analysis of short-term movements of the economy and also permits the better estimation of the lags between different variables.
A model jointly constructed by the U.S. Federal Reserve Board, the Massachusetts Institute of Technology, and the University of Pennsylvania is specially designed to handle the entire monetary sector. It has a large number of financial equations with a detailed lag structure and supplementary equations to show the main directions of monetary influence on the economy. ... A major purpose in the development of macro models has been to improve economic forecasting and the analysis of public policy. Models have also been applied to the analysis of economic fluctuations and economic growth. ...
Jan Tinbergen, a Dutch economist noted for his development of econometric models. Won in 1969, with Ragnar Frisch, the first Nobel Prize for Economics.
In the technology rack one find:
Innovations and emerging technologies in
Econometrics , Patent List (when available) for Econometrics
:
6,401,070: System and method for providing house price
forecasts based on repeat sales model
6,326,160: Microprocessors for
use in a device for predicting physiological values
6,180,416: Method
and device for predicting physiological values
6,169,981: 3-brain
architecture for an intelligent decision and control system
6,078,901:
Quantitative supply and demand model based on infinite spreadsheet
6,049,793: System for building an artificial neural network
6,047,274: Bidding for energy supply
5,974,403: Power trading and
forecasting tool
5,960,407: Automated market price analysis system
5,917,500: Intellectual structure for visualization of n-dimensional
space utilizing a parallel coordinate system
5,842,202: Systems and
methods for data quality management
5,724,379: Method of modifying
comparable health care services
5,537,593: Method for solving
enumerative search problems using message passing on parallel computers
It is interesting to note that a search for the term ECONOMETRICS in THOMAS reveals no recent legislation specifically dealing with econometrics; yet, the term ECONOMICS yields:
50 Bills from the 107th Congress ranked by relevance on"Economics ".
50 bills containing your phrase exactly as entered.
--------------------------------------------------------------------------------
Listing of 50 bills containing your phrase exactly as entered.
1 . To promote youth financial education. (Introduced in
Senate)[S.807.IS]
2 . To promote youth financial education. (Introduced
in House)[H.R.61.IH]
3 . Education for Democracy Act (Introduced in
Senate)[S.413.IS]
4 . Education for Democracy Act (Introduced in
House)[H.R.611.IH]
5 . Recognizing the accomplishments of Professor
Milton Friedman. (Agreed to by Senate)[S.RES.319.ATS]
6 . Recognizing
the anniversary of the signing of the Declaration of Arbroath and
supporting the establishment of a National Tartan Day to recognize the
outstanding achievements and contributions... (Introduced in
House)[H.RES.109.IH]
7 . Expressing the sense of the Congress that
women throughout the world should join together for a week of workshops,
forums, and other events to speak up for world peace. (Introduced in
House)[H.CON.RES.290.IH]
8 . Honoring the National Science Foundation
for 50 years of service to the Nation (Received in Senate from
House)[H.CON.RES.108.RDS]
9 . Honoring the National Science Foundation
for 50 years of service to the Nation. (Engrossed as Agreed to or Passed
by House)[H.CON.RES.108.EH]
10 . Honoring the National Science
Foundation for 50 years of service to the Nation. (Introduced in
House)[H.CON.RES.108.IH]
11 . Whereas Congress created the National
Science Foundation in 1950 to promote the progress of science, to advance
the national health, prosperity, and welfare, and to secure the
national... (Enrolled as Agreed to or Passed by Both House and
Senate)[H.CON.RES.108.ENR]
12 . Honoring the National Science
Foundation for 50 years of service to the Nation. (Introduced in
Senate)[S.CON.RES.36.IS]
13 . To amend the Marine Mammal Protection Act
of 1972 to repeal the long-term goal for reducing to zero the incidental
mortality and serious injury of marine mammals in commercial fishing...
(Introduced in Senate)[S.3104.IS]
14 . To amend the Marine Mammal
Protection Act of 1972 to repeal the long-term goal for reducing to zero
the incidental mortality and serious injury of marine mammals in
commercial fishing... (Introduced in House)[H.R.5597.IH]
15 . To give
the consent of Congress to an agreement or compact between Utah and Nevada
regarding a change in the boundaries of those States, and for other
purposes. (Referred to Senate Committee after being Received from
House)[H.R.2054.RFS]
16 . To give the consent of Congress to an
agreement or compact between Utah and Nevada regarding a change in the
boundaries of those States, and for other purposes. (Engrossed as Agreed
to or Passed by House)[H.R.2054.EH]
17 . National Transportation
Modeling and Analysis Program Establishment Act (Introduced in
Senate)[S.2646.IS]
18 . To give the consent of Congress to an agreement
or compact between Utah and Nevada regarding a change in the boundaries of
those States, and for other purposes. (Reported in
House)[H.R.2054.RH]
19 . To authorize the President to award a gold
medal on behalf of the Congress to Peter F. Drucker, the father of modern
management, in recognition of his accomplishments as a journalist,...
(Introduced in House)[H.R.1879.IH]
20 . Sun Grant Initiative for
Renewable Energy and Biobased Products Act (Introduced in
Senate)[S.3016.IS]
21 . Defense of Freedom Education Act (Introduced in
House)[H.R.5301.IH]
22 . National Commission on Budget Concepts Act of
2002 (Introduced in House)[H.R.2307.IH]
23 . Civil War Sesquicentennial
Commission Act of 2002 (Introduced in Senate)[S.2198.IS]
24 . National
Center for Social Work Research Act (Introduced in Senate)[S.70.IS]
25
. Russian Democracy Act of 2001 (Reported in Senate)[H.R.2121.RS]
26 .
National Center for Social Work Research Act (Introduced in
House)[H.R.3814.IH]
27 . National Center for Social Work Research Act
(Introduced in House)[H.R.663.IH]
28 . To establish a Congressional
Trade Office. (Introduced in Senate)[S.1347.IS]
29 . Real Solutions to
World Hunger Act of 2002 (Introduced in House)[H.R.4815.IH]
30 .
Russian Democracy Act of 2001 (Referred to Senate Committee after being
Received from House)[H.R.2121.RFS]
31 . Russian Democracy Act of 2001
(Engrossed as Agreed to or Passed by House)[H.R.2121.EH]
32 . To
establish a Congressional Trade Office. (Introduced in
House)[H.R.3422.IH]
33 . Agriculture, Rural Development, Food and Drug
Administration, and Related Agencies Appropriations Act, 2003 (Reported in
House)[H.R.5263.RH]
34 . To establish a Congressional Trade Office.
(Introduced in Senate)[S.274.IS]
35 . Russian Democracy Act of 2002
(Enrolled as Agreed to or Passed by Both House and
Senate)[H.R.2121.ENR]
36 . Russian Democracy Act of 2002 (Engrossed
Amendment as Agreed to by Senate)[H.R.2121.EAS]
37 . Agriculture, Rural
Development, Food and Drug Administration, and Related Agencies
Appropriations Act, 2002 (Reported in House)[H.R.2330.RH]
38 .
International Infectious Diseases Control Act of 2001 (Introduced in
Senate)[S.1032.IS]
39 . Bridges to the Cuban People Act of 2001
(Introduced in Senate)[S.1017.IS]
40 . Agriculture, Rural Development,
Food and Drug Administration, and Related Agencies Appropriations Act,
2002 (Placed on Calendar in Senate)[S.1191.PCS]
41 . Agriculture, Rural
Development, Food and Drug Administration, and Related Agencies
Appropriations Act, 2002 (Referred to Senate Committee after being
Received from House)[H.R.2330.RFS]
42 . Agriculture, Rural Development,
Food and Drug Administration, and Related Agencies Appropriations Act,
2002 (Engrossed as Agreed to or Passed by House)[H.R.2330.EH]
43 .
Russian Democracy Act of 2001 (Introduced in House)[H.R.2121.IH]
44 .
Corps of Engineers Reform Act of 2002 (Introduced in
Senate)[S.2963.IS]
45 . Agriculture, Rural Development, Food and Drug
Administration, and Related Agencies Appropriations Act, 2003 (Placed on
Calendar in Senate)[S.2801.PCS]
46 . California Reclaimed Water Act for
the 21st Century (Introduced in House)[H.R.685.IH]
47 . Agricultural
Extended Retirement Credit Act of 2002 (Introduced in
House)[H.R.5337.IH]
48 . Bridges to the Cuban People Act of 2001
(Introduced in House)[H.R.2138.IH]
49 . Agriculture, Rural Development,
Food and Drug Administration, and Related Agencies Appropriations Act,
2002 (Public Print)[H.R.2330.PP]
50 . Agriculture, Rural Development,
Food and Drug Administration, and Related Agencies Appropriations Act,
2002 (Engrossed Amendment as Agreed to by Senate)[H.R.2330.EAS]
Interesting !!!
Google reports 325,000 hits for econometrics and 9,760,000 for economics .... (by the way ... is google rounding off hit numbers? to the thousands?)
START YOUR REFERENCE SEARCH HERE: * Basic Econometrics by Damodar N. Gujarati -- This is a thorough revision of the best-selling undergraduate Econometrics text.Accessible, complete, and student-oriented, Basic Econometrics is appropriate for first courses in Econometrics at all four-year colleges and universities.
AND then ... some of the leading texts for economists and econometricians to explore ...
| 0. |  |
Basic
Econometrics w/Software Disk by Damodar N. Gujarati (Software)  Gujarati's Basic Econometrics
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omitted. A CD of data sets is provided with the text. Software | Paperback | 3.5" disk | |
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The
Essential John Nash by John F. Nash  |
| 2. | A
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| 5. | Introduction
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Modelling Fixed Income Securities and Interest
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Financial Econometrics: Problems, Models, and
Methods. by Christia Gourieroux, et al (Hardcover) |
| 10. | Econometrics by Fumio Hayashi (Hardcover) Hardcover |
| 11. | The Economist Guide to Economic Indicators:
Making Sense of Economics (Economist) by Economist Staff Hardcover |
| 12. | Capitalism and Freedom by Milton Friedman Hardcover | Paperback | Audio Cassette | Unknown Binding | |
| 13. | Applied Econometric Times Series by Walter Enders (Editor) (Hardcover) |
| 14. | Theory of Games and Economic Behavior
by Oskar Morgenstern, John Von Neumann (Paperback) Hardcover | Paperback |
| 15. | Basic Econometrics w/Software Disk by Damodar N. Gujarati (Software) Software | Paperback | 3.5" disk | |
| 16. | Introductory Econometrics: A Modern
Approach by Jeffrey M. Wooldridge (Hardcover) Hardcover | |
| 17. | Numerical Methods in Economics by Kenneth L. Judd (Hardcover) Hardcover |
| 18. | Mathematica for Microeconomics by John Robert Stinespring (Hardcover) |
| 19. | Schaum's Outline of Statistics and
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| 20. | ISO 9000: 2000 Auditing Using the Process
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| 21. | Limited-Dependent and Qualitative Variables in
Econometrics by G. S. Maddala (Author) (Paperback - July 1986) Hardcover | Paperback |
| 22. | The Econometrics of Financial Markets
by John Y. Campbell, et al (Hardcover) Hardcover |
| 23. | Classics in Game Theory by Harold W. Kuhn (Editor) (Paperback) Hardcover | Paperback |
| 24. | Elements of Dynamic Optimization by Alpha C. Chiang (Hardcover) Hardcover | Textbook Binding |
| 25. | Analysis of Financial Time Series by Ruey S. Tsay (Hardcover) |
| 26. | Non-Linear Time Series Models in Empirical
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| 27. | Generalized Method of Moments Estimation
by Laszlo Matyas Hardcover | Paperback |
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Time Series Analysis by James D. Hamilton (Hardcover) Hardcover |
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Two Bad Years and Up We Go! by Wade B. Cook (Paperback) |
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Classical and Gibbs-Sampling Approaches with Applications
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Cost Proxy Models and Telecommunications Policy:
A New Empirical Approach to Regulation (Regulation of Economic
Activity) by Farid Gasmi, et al (Hardcover) |
| 33. | Matrix Differential Calculus with Applications
in Statistics and Econometrics, 2nd Edition by Jan R. Magnus, Heinz Neudecker (Hardcover) Hardcover | Hardcover | |
| 34. | Market Microstructure Theory by Maureen O'Hara (Paperback - August 1997) Hardcover | Paperback |
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Understanding Economic Forecasts by David F. Hendry (Editor), Neil R. Ericsson (Editor) (Hardcover) |
| 36. | Value-Based Metrics: Foundations and
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| 37. | Student Solutions Manual for Mathematics for
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| 38. | 100 Ways of Seeing an Unequal World by Bob Sutcliffe, Robert B. Sutcliffe (Paperback - June 2001) Hardcover | Paperback |
| 39. | The Econometric Analysis of Seasonal Time Series
(Themes in Modern Econometrics) by Eric Ghysels, Denise R. Osborn (Paperback - June 2001) Hardcover | Paperback |
| 40. | Introduction to Econometrics by James H. Stock, Mark W. Watson (Hardcover) |
| 41. | Statistics and Econometrics: Methods and
Applications by Orley Ashenfelter, et al (Hardcover - May 2002) |
| 42. | Handbook of Econometrics Volume 4 by Daniel L. McFadden (Editor), R. F. Engle (Editor) (Hardcover) |
| 43. | Econometric Models and Economic
Forecasts by Robert S. Pindyck, Daniel L. Rubinfield (Hardcover) Hardcover | |
| 44. | Stable Paretian Models in Finance (Financial
Economics and Quantitative Analysis Series) by Stefan Mittnik, S. Rachev (Contributor) (Hardcover) |
| 45. | A Companion to Economic Forecasting (Blackwell
Companions to Contemporary Econommics) by Michael P. Clements (Editor), David F. Hendry (Editor) (Hardcover - February 2002) |
| 46. | Asymptotic Theory for Econometricians
by Halbert White (Hardcover - October 2000) Hardcover | |
| 47. | The Paradox of Asset Pricing (Frontiers of
Economic Research) by Peter L. Bossaerts (Hardcover - January 2002) |
| 48. | Introductory Econometrics for Finance
by Chris Brooks (Author) (Paperback) Hardcover | Paperback |
| 49. | Patterns of Speculation : A Study in
Observational Econophysics by Bertrand M. Roehner (Author) (Hardcover - May 2002) |
| 50. | Analysis of Panel Data by Cheng Hsiao (Author) (Paperback - January 1990) Hardcover | Paperback | |
| 51. | Econometric Methods by John Dinardo, et al (Hardcover) Hardcover | Textbook Binding | |
| 52. |  |
Applied Regression Analysis for Business and
Economics by Terry E. Dielman Audio CD | |
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Investment and Exit Decisions at the Plant
Level: A Dynamic Programming Approach (Contributions to
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Fuzzy Sets in Management, Economy &
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Econometrics) by Peter M. Robinson (Paperback - November 2002) Hardcover | Paperback |
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Microscopic Simulation of Financial Markets:
From Investor Behavior to Market Phenomena by Haim Levy, et al (Hardcover) |
| 60. | Estimation and Inference in Econometrics
by Russell Davidson, James G. MacKinnon (Hardcover - January 1993) Hardcover |
| 61. | Applied MacRoeconometrics by Carlo A. Favero, Carloa. Favero (Hardcover - March 2001) Hardcover | |
| 62. | Models for Repeated Measurements (Oxford
Statistical Science Series, 19) by James K. Lindsey (Hardcover - September 1999) Hardcover | |
| 63. | Stochastic Limit Theory: An Introduction for
Econometricians (Advanced Texts in Econometrics) by James Davidson, Arnold I. Davidson (Paperback - August 1996) Hardcover | Paperback |
| 64. | Handbook of Econometrics, Volume 5 by James J. Heckman (Editor), Edward Leamer (Editor) (Hardcover) Hardcover | |
| 65. | Modelling Individual Choice: The Econometrics of
Corners, Kinks, and Holes by Stephen Pudney Hardcover | Paperback |
| 66. | Mathematics for Economics - 2nd Edition
by Michael Hoy (Editor), et al (Hardcover) Hardcover | Paperback | |
| 67. | Econometrics, Vol. 2: Econometrics and the Cost
of Capital by Dale Weldeau Jorgenson, Lawrence J. Lau (Editor) (Hardcover) |
| 68. | Recent Developments in Nonlinear Cointegration
With Applications to MacRoeconomics and Finance by Gilles Dufrenot, Valerie Mignon (Hardcover - December 2002) |
69.
Foundations of Mathematical Economics
by Michael Carter (Paperback)
Hardcover | Paperback | Unknown Binding
70.
An Introduction to Applied Econometrics: A Time
Series Approach
by K. D.
Patterson (Paperback - November
2000)
Hardcover | Paperback |
71.
Using Econometrics: A Practical Guide (4th
Edition)
by A. H.
Studenmund (Hardcover)
Hardcover | Unknown Binding |
72.
Applied Multivariate Data Analysis
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Hardcover | Paperback |
73.
Integral Global Optimization: Theory,
Implementation and Applications (Lecture Notes in Economics and
Mathematical Systems, Vol 298)
by Soo Hong
Chew, Zheng Quan (Paperback - May
1988)
74.
Theory of Econometrics
by A. Koutsoyiannis (Textbook Binding - June 1978)
Textbook Binding |
| 75. | Time Series Models: In Econometrics, Finance and
Other Fields by D. R. Cox (Editor), et al (Hardcover) |
| 76. | Foundations for Econometrics by Brian Haines, et al (Hardcover) Hardcover | Paperback |
| 77. | Financial Econometrics: Methods and
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Panel Data Econometrics: Future
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| 80. |  |
Time Series: Applications to Finance (Wiley
Seires in Probability and Statistics) by Ngai Hang Chan (Hardcover - April 2002) |
| 81. |  |
Handbook of Econometrics Volume 1 by Zvi Griliches (Editor), Michael D. Intriligator (Editor) (Hardcover) Hardcover | |
| 82. |  |
Handbook of Game Theory with Economic
Applications Volume 3 by Robert J. Aumannn (Editor), et al (Hardcover) Hardcover | |
| 83. | Handbook of Computational Economics by Hans M. Amman (Editor), et al (Hardcover) |
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RATS: Handbook for Econometric Time
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Non-Linear Modelling of High Frequency Financial
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| 87. | Learning and Practicing Econometrics by William E. Griffiths, et al (Hardcover - January 1993) |
| 88. | Introduction to the Theory and Practice of
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| 89. | Principles of Econometrics by Henri Theil (Hardcover - December 1971) |
| 90. | Stochastic Frontier Analysis by Subal C. Kumbhakar (Author), C. A. Knox Lovell (Author) (Hardcover - April 2000) Hardcover | Paperback |
| 91. | Analysis of Economic Data by Gary Koop (Paperback) |
| 92. | Discrete Choice Methods with Simulation
by Kenneth E. Train (Author) (Paperback - December 2002) Hardcover | Paperback |
| 93. | Statistical Foundations of Econometric
Modelling by Aris Spanos (Author) (Paperback - February 1990) Hardcover | Paperback |
| 94. | Mathematics for Economists : An Integrated
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| 95. | Efficiency Wage Models of the Labor
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| 96. | Mathematical Economics by Akira Takayama (Author) (Paperback - August 1985) Hardcover | Paperback | Unknown Binding |
| 97. | Time Series and Dynamic Models by Christian Gourieroux (Author), et al (Paperback - June 1997)  Hardcover | Paperback |
| 98. | Axioms of Cooperative Decision Making
by Hervi Moulin (Author) (Paperback - September 1991) Hardcover | Paperback |
| 99. | The Econometric Analysis of Transition
Data by Tony Lancaster (Author) (Paperback - July 1992) Hardcover | Paperback |
| 100. | Statistics and Econometric Models: Volume 1,
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