Well, you’ve probably heard or even read about econometrics and how it is useful in providing information about economic policy issues based on available economic data. Indeed, that is what it does, and it is quite an interesting topic to explore. You do not, however, have to be an economist to explore this field and use the knowledge you acquire from it to understand everyday economic problems.
In a broad sense, econometrics is a natural science, social science, and business science since it is concerned with the measurement of the behavior of economic entities. Unlike other fields in economics and statistics that also engage in measurement, econometrics goes a step ahead to test the validity of theories and hypotheses. In so doing, it not only verifies the theories but it also makes them useful in future planning and enactment of policies.
If you are curious to know how econometrics is applied to solve economic problems, then this book is for you. It explains this topic in simple language that everyone can easily understand and relate to what happens in the real world especially with regards to economic issues such as incomes, employment, consumption, expenditure, and others. Using models, econometrics can, for instance, help you determine the factors affecting one’s income and whether it is related to such things as schooling and experience.
In this book, we not only explain the meaning of econometrics and what it does. Instead, we take you through all you need to apply it. You never know if you might soon be among a team of expertstasked with the evaluation of the impact of a project implemented in your area. This book, therefore, guides you on:
• Econometrics, types and its aims
• Why it is a separate discipline
• Methodology of econometrics
• Types of data it uses
• Advantages and disadvantages
These are the areas or topics you need to get started with econometrics. If you are ready to learn and this is what you’ve always wanted to understand, add this book to your cart. You’ll need it as you become an economist and seek to apply the knowledge of econometric analysis to solve economic problems.
