Encyclopedia of Operations Research and Management Science

2001 Edition
| Editors: Saul I. Gass, Carl M. Harris

Econometrics

  • Harry H. Kelejian
  • Ingmar R. Prucha
Reference work entry
DOI: https://doi.org/10.1007/1-4020-0611-X_267

DEFINITION

Literally speaking, econometrics stands for measurement in economics. Broadly speaking, econometrics is concerned with the empirical analysis of economic relationships. While early empirical work goes back at least to Sir William Petty's political arithmetic in the seventeenth century, econometrics as a field was firmly established through the foundation of the Econometric Society in 1930. Publication of its journal, Econometrica, started in 1933. The scope of the society is defined as follows: “The Econometric Society is an international society for the advancement of economic theory in its relation to statistics and mathematics ...” Samuelson, Koopmans and Stone ( 1954, p. 142) in a report on Econometrica defined econometrics

“... as the quantitative analysis of actual economic phenomena based on the concurrent development of theory and observation, related by appropriate methods of inference.”

Similar definitions can be found in most econometric texts. For example,...
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References

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Copyright information

© Kluwer Academic Publishers 2001

Authors and Affiliations

  • Harry H. Kelejian
    • 1
  • Ingmar R. Prucha
    • 1
  1. 1.University of MarylandCollege ParkUSA