Quantitative Data Science Methods - Psychometrics, Econometrics and Machine Learning

Looking back over the last thousand years, one can divide the development of the machine and the machine civilization into three successive but over-lapping and interpenetrating phases: eotechnic, paleotechnic, neotechnic … Speaking in terms of power and characteristic materials, the eotechnic phase is a water-and-wood complex: the paleotechnic phase is a coal-and-wood complex… The dawn-age of our modern technics stretches roughly from the year 1000 to 1750. It did not, of course, come suddenly to an end in the middle of the eighteenth century. A new movement appeared in industrial society which had been gathering headway almost unnoticed from the fifteenth century on: after 1750 industry passed into a new phase, with a different source of power, different materials, different objectives.

A machine, receiving at distant times and from many hands new combinations and improvements, and becoming at last of signal benefit to mankind, may be compared to a rivulet, swelled in its course by tributary streams until it rolls along a majestic river, enriching in its progress provinces and kingdoms.
In retracing the current, too, from where it mingles with the ocean, the pretensions of even ample subsidiary streams are merged in our admiration of the master-flood. But, as we continue to ascend, those waters which, nearer the sea, would have been disregarded as unimportant, begin to rival in magnitude, and divide our attention with, the parent stream; until, at length, on our approaching the fountains of the river, it appears trickling from the rock, or oozing from among the flowers of the valley. So, also, in developing the rise of a machine, a coarse instrument or a toy may be recognized as the germ of that production of mechanical genius whose power and usefulness have stimulated our curiosity to mark its changes and to trace its origin. The same feelings of reverential gratitude which attached holiness to the spots whence mighty rivers sprung, also clothed with divinity, and raised altars in honor of the saw, the plough, the potter's wheel, and the loom.

Econometrics may be defined as the quantitative analysis of actual economic phenomena based on the concurrent development of theory and observation, related by appropriate methods of inference.