# Econometrics meaning

Application of mathematical and statistical techniques to economics in the study of problems, the analysis of data, and the development and testing of theories and models.

noun

The use of mathematical and statistical methods in the field of economics to verify and develop economic theories.

noun

Use of computer analysis and modeling techniques to describe in mathematical terms the relationship between key economic forces such as labor, capital, interest rates, and government policies. The model allows variables to be changed so that different situations can be examined. An econometric model could show the relationship of unemployment to housing starts, for example.

## Origin of econometrics

**econo(mics)****–metrics**### From American Heritage Dictionary of the English Language, 5th Edition

*econo(my)*+*-metrics*. Although the first known use of the term was by Pawel Ciompa in 1910, Ragnar Frisch is given credit for coining the term in the sense that it is used today.### From Wiktionary