Econometrics (page 9-10)Economists

Econometrics (page 9-10)
Economists like to make theories. They theories about why inflation happens, for example, or what causes unemployment. But theories are not useful if you cannot test them. This is true for all sciences, and the same for economics.
To test a theory, you first need to gather what scientists call empirical evidence. That´s evidence that can be measured, like money spent or babies born. When you have collected evidence, you´re ready to do the math and statistics to test your theory. Economists call their maths econometrics.
Let´s take an example. Imagine that you want to find out why some people save more money than others. You may think that this depends on two things: how much they earn (their income) and how happy they generally are about saving money. We can express your theory as an econometric formula:
Amount some saves= their income X their happiness to save
Of course, we can´t measure happiness to save exactly, but with econometric mathematics we can give it a value. Then we can see how that value differs between groups of people or cultures. Econometrics is about finding relationships between variables- in other words relationships between values that change. Economists try to find out if variable A changes every time value B changes. They want to find out if variable A is dependent on variable B. This is called analysis, and there are two main kinds of econometric analysis: time-series analysis and cross-sectional analysis.
Time series- analysis shows how variable change over a period of time. How salaries increased over the last century, for example. Cross- sectional analysis compares variables at one point in the time. The salaries of men compared to women right now, for example. Of course, economists like to make things more complicated than that. Sometimes they combine cross-sectional with time-series analysis, and this is called panel data analysis.
As we said earlier, econometrics is good for testing economic theories. However, there is also a practical side to econometrics. The same maths and statistics are used by governments and business managers, as well as academics.
Econometrics can help governments and companies find out how well they are doing. With the data from all this mathematics, they can make better decisions and plan better for the future.

Результаты (английский) 1:

Econometrics has been (page 9-10)Economists like to make theories. They are theories about why inflation happens, for example, or what causes unemployment. But theories are not useful if you cannot test them. This is true for all sciences, and the same for economics.To test a theory, you first need to gather what scientists call empirical evidence. That s ´ evidence that can be measured, like money well-spent or babies born. When you have collected evidence you ´ re ready to do the math and statistics to test your theory. Economists call their maths econometrics has been.Let ´ s take an example. Imagine that you want to find out why some people save more money than others. You may think that this depends on two things: how much they earn (their income) and how happy they generally are about saving money. We can express your theory as an econometric formula: Amount some saves = their income X their happiness to saveOf course, we can measure t ´ happiness to save exactly, but with econometric mathematics we can give it a value. Then we can see how that value differs between groups of people or cultures. Econometrics has been is about finding relationships between variables-in other words the relationship between values that change. Economists try to find out if the variable A changes every time the value of B changes. They want to find out if the variable A is dependent on the variable B. This is the so-called analysis, and there are two main kinds of econometric analysis: time-series analysis and cross sectional analysis.Time series analysis-shows how variable change over a period of time. How salaries increased over the last century, for example. Cross sectional analysis compares variables at one point in the time. The salaries of men compared to women right now, for example. Of course, economists like to make things more complicated than that. Sometimes they combine cross-sectional with time-series analysis, and this is called panel data analysis.As we said earlier, econometrics has been is good for testing economic theories. However, there is also a practical side to econometrics has been. The same maths and statistics are used by governments and business managers, as well as academics.Econometrics has been can help governments and companies find out how well they are doing. With the data from all this mathematics, they can make better decisions and plan better for the future.

Результаты (английский) 2:

Econometrics (page 9-10)
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