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Understanding Econometrics in Economics

Econometrics In Economics Econometrics is a method in economics which takes concepts from mathematics, statistics and economics for studying various economic phenomena. An econometrician has to be a competent mathematician and statistician who is an economist by training. Fundamental knowledge of mathematics, statistics and economic theory are a necessary prerequisite for this field. It is the unification of economic theory, mathematics and statistics into econometrics. Each view point, by itself is necessary but not sufficient for a real understanding of [...]