Mon, 16 11 1441 | 06 Jul 2020

Statistics and Its Relation to Econometrics

By Eeconometrics method can be identified as the case, in whichis meant the method where economic theories and issues are mathematically modeled expressed using mathematical samples models andthat takinge into account the nature of hypotheses specifying conditions of the mathematical formula of samplessuch models, namely the external factors that somehow influence in someway the nature of the economic issue in question. Out of this definition, eEconometrics, thus defined, is more relevant to statistics than mathematical economics. 

Making use of the statistical approach, the statistical theory can provide meet a wide range of needs and requirements of econometrics, such as statistical metrics and indicators, as well as ways to precisely measure the impact of various influencing variables on affecting the economic issue in question, and the use of statistical measurement methods to purge isolate the economic phenomena of from the impact of some variables that emerge during the operation of related applications in a manner that helps control the issue or predict how it would is likely to be in the future. Since the search method in econometrics largely depends on what can be monitored practically through field studies, the statistical method will beremains the best scientific method that can be used in this area.


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