Relating to econometrics, the application of statistical and mathematical methods to analyze economic data and test economic theories.
Coined in the 1930s from Greek oikonomia 'household management' (economics) and metron 'measure.' The term was popularized by the Econometric Society, founded in 1930 by Irving Fisher and others.
Econometrics literally means 'economic measurement,' and it's the field that tries to find mathematical relationships in the seemingly chaotic world of economics. The 2021 Nobel Prize in Economics went to three econometricians who figured out how to determine cause and effect in economic data - solving puzzles like whether education makes you richer or rich people just get more education!
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