Why we study econometrics as separate field of study?

Econometrics is interesting because it provides the tools to enable us to extract useful information about important economic policy issues from the available data. Econometrics is the use of statistical techniques to understand economic issues and test theories.

Is econometrics relevant to real world economics?

It has no relevance whatsoever to real world economics.

Is econometrics real?

Econometrics is the application of statistical methods to economic data in order to give empirical content to economic relationships. 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”.

What can I do with a PhD in econometrics and statistics?

PhD students in econometrics and statistics apply statistical methods to a wide range of business problems, from the effectiveness of machine-learning tools to video-game preferences. Our graduates go on to work in high-profile institutions, generally in academia, finance, or data science.

Why is it important to study Econometrics?

Therefore, the understanding of econometrics and the application of econometrics are extremely important in advancing our understanding of economics. Returning to the wage subsidy example above, a simplistic economic theory might argue that a wage subsidy will lead to increases in employment.

What is the Journal of Econometrics?

The Journal of Econometrics serves as an outlet for research dealing with the application of statistical inference to economic data, as well as the application of econometric techniques to economics. Quantitative Marketing and Economics highlights research in the marketing, economics, and statistics categories.

What can you do with an economics degree?

Along those lines, a degree in economics is meant to develop skills related to critical thinking that allows the students to understand the underlying assumptions, interpret data and develop the various chains of logic that are required to advance, support or renounce a particular policy intervention or non-intervention.