Nottingham, United Kingdom

Economics and Econometrics

Master's
Language: EnglishStudies in English
Subject area: economy and administration
Qualification: MSc
Kind of studies: full-time studies
Master of Science (MSc)
University website: www.nottingham.ac.uk
Econometrics
Econometrics is the application of statistical methods to economic data and is described as the branch of economics that aims to give empirical content to economic relations. More precisely, it is "the quantitative analysis of actual economic phenomena based on the concurrent development of theory and observation, related by appropriate methods of inference". An introductory economics textbook describes econometrics as allowing economists "to sift through mountains of data to extract simple relationships". The first known use of the term "econometrics" (in cognate form) was by Polish economist Paweł Ciompa in 1910. Jan Tinbergen is considered by many to be one of the founding fathers of econometrics. Ragnar Frisch is credited with coining the term in the sense in which it is used today.
Economics
Economics () is the social science that studies the production, distribution, and consumption of goods and services.
Econometrics
As an econ blogger, I get the sense that this is exactly how many Americans still think of economists--as self-appointed defenders of the free market, spinning theories to show that greed is good. Watching those old Milton Friedman videos, I wonder if that picture might have been accurate in the 1960s and 1970s. But some big things have changed in the field of economics, and America should know about them. Three big changes stand out in particular: Econ today is more data-driven, far less politically conservative, and in general much more like engineering than it used to be.
Noah Smith, "Economists used to be the priests of free markets--now they're just a bunch of engineers," Quartz, May 13, 2014.
Economics
Economists have never allowed their analysis to be influenced by psychologists of their time, but have always framed for themselves such assumptions about psychical processes as they have thought it desirable to make.
Joseph Schumpeter, History of Economic Analysis, 1945. p. 27
Economics
Men did not make the earth. ... It is the value of the improvements only, and not the earth itself, that is individual property. ... Every proprietor owes to the community a ground rent for the land which he holds.
Thomas Paine, Agrarian Justice (1795–1796).
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