Econometrics is a branch of economics which applies computer science, statistical methods and mathematics to conduct a quantitative analysis of data. In simple terms, econometrics is applied by economists to analyze a large volume of data for the purpose of generating simple relationships between them. The term econometrics was originally used in the year 1910 by Ciompa Pawel. However, its modern use is attributed to Frisch Ragnar. The basic model used in econometrics is linear regression. Here, different variables can be separately analyzed and compared. Mostly, econometrics applies statistical theory in its analysis. Statistical theory is useful to economists because it is suitable for identifying the most suitable estimators that are efficient, unbiased and consistent. When it comes to the model, econometrics mostly use statistical model because it is the most appropriate in the study of economic queries. However, despite its usefulness, econometrics has been criticized on several occasions. Some scholars have faulted econometrics for failing to failing to adequately describe economic reality because of its overreliance on observation rather than experimental data. Our experts are qualified for all sorts of economics assignment and econometric topics such as basic econometric models, theories of econometrics, relevance of econometrics in economics, methodology of econometrics, Robert Lucas’ criticisms on econometrics, weaknesses of econometrics, qualities of a good econometric theory, applications of linear regression to econometrics and many others.
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