Econometrics analyzes real-world data. Theory writes mathematical models.
To obtain reliable estimate of the co-efficient of economic relationship and use them for policy decisions
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Mathematics provides the tools that economists use. Particularly important are algebra and calculus, as they allow economists to construct elaborate econometric models that study the gross domestic product (GDP), employment, inflation and other macroeconomic variables. Mathematics is also used in microeconomics, for example, to calculate the optimal price of an economic good.
Econometric models are also called regression models.
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disadvantade of economertics
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Econometric models are used to quantify and estimate the relationships between different economic variables. They help researchers and policymakers understand how changes in one variable can impact others, allowing them to make informed decisions and predictions based on data and statistical analysis. Econometric models are valuable tools in economic research, policy analysis, and forecasting.
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Timotheos Angelidis has written: 'Econometric modeling of value at risk' -- subject(s): Econometric models, Risk management, Value