Introduction To Econometrics
Chapter 13: Chapter 12 · ECONOMICS · EN medium
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Origin Of Econometrics Economists tried to support their ideas with facts and figures in ancient times. Irving Fisher is the first person, developed mathematical equation in the quantity theory of money with help of data. Ragnar Frisch, a Norwegian economist and statistician named the integration of three subjects such that mathematics, statistical methods and economics as Econometrics” in . The term econometrics is formed from two words of Greek origin, ‘oukovouia’ meaning economy and ‘uetpov’ meaning measure. Econometrics emerged as an independent discipline studying economic phenomena. Econometrics may be considered as the integration of economics, Statistics and Mathematics.
📖 Class 12 Economics English Medium 2024 Edition www.tntextbooks.in · Page 279
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Origin Of Econometrics Economists tried to support their ideas with facts and figures in ancient times. Irving Fisher is the first person, developed mathematical equation in the quantity theory of money with help of data. Ragnar Frisch, a Norwegian economist and statistician named the integration of three subjects such that mathematics, statistical methods and economics as Econometrics” in . The term econometrics is formed from two words of Greek origin, ‘oukovouia’ meaning economy and ‘uetpov’ meaning measure.
Econometrics emerged as an independent discipline studying economic phenomena. Econometrics may be considered as the integration of economics, Statistics and Mathematics. Econometrics is an amalgamation of three subjects which can be easily understood by following Venn diagram and picture representation.
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