Econometrics is part of the economic as a science, which deals with the statistical (empirical) modelling of economic theories (hypotheses) in order to explain, confirm or disprove economic theory empirically.
Tag: economic theory
Economic theory is a branch of social science that seeks to explain how individuals, businesses, and governments allocate resources to achieve their goals. It is concerned with the production, distribution, and consumption of goods and services, the behavior of markets, and the impact of government policies. Economic theory provides a framework for understanding how societies create and distribute wealth and how individual decisions affect the broader economy. It is an essential tool for policymakers, business leaders, and anyone interested in understanding the dynamics of the global economy.
