What does it mean by econometerics? pls anyone comment.:confused:

What does it mean by econometerics? pls anyone comment.:confused:

I GOOGLED (http://www.google.com/search?hl=en&q=econometrics) and got 2670,000 hits. The defintion is as follows at THIS SITE (http://www.econometrics.org/) -

Econometrics is derived from several disciplines, including mathematical economics, statistics, economic statistics, and economic theory. The goal of econometrics is twofold: to give economic theory empirical data and to empirically verify it. It is a study that produces measurements, where qualitative data is turned into quantitative mathematical forms. Once this is performed, these statements can then be empirically proven, disproven, measured, and compared.

Just an example: a friend of mine studied econometry. She used to work for a bank, making statistical studies of all transactions and relating data, to figure out who to spam with what type of banking advertising material.

*edit not spamming in the bad way, just little leaflets that come with the bank statements per mail...