The possibility of a stable economic life with full utilization of our resources is still not sufficiently assured, and it is extremely important that it should be so assured, and that the whole world should accept this as a fact. The work that is being done in econometrics is massive, and undaunted by mathematical difficulties, but it appears, at any rate as viewed from outside, to be unclear as to its aim.
Econometrics may be defined as the quantitative analysis of actual economic phenomena based on the concurrent development of theory and observation, related by appropriate methods of inference.paul samuelson
(Econometrics is) the unification of economic theory, statistics and mathematics .
(Kálmán's) fundamental contributions to modern system theory... provided rigorous mathematical tools for engineering , Econometrics, and statistics , and in particular for his invention of the "Kalman filter,"... was critical to achieving the Moon landings and creating the Global Positioning System and which has facilitated the use of computers in control and communications technology.
Econometrics may be defined as the quantitative analysis of actual economic phenomena based on the concurrent development of theory and observation, related by appropriate methods of inference.
Econometrics is the name for a field of science in which mathematical-economic and mathematical-statistical research are applied in combination. Econometrics, therefore, forms a borderland between two branches of science, with the advantages and disadvantages thereof; advantages, because new combinations are introduced which often open up new perspectives; disadvantages, because the work in this field requires skill in two domains, which either takes up too much time or leads to insufficient training of its students in one of the two respects.
Intermediate between mathematics , statistics , and economics , we find a new discipline which, for lack of a better name, may be called Econometrics. Econometrics has as its aim to subject abstract laws of theoretical political economy or "pure" economics to experimental and numerical verification, and thus to turn pure economics, as far as possible, into a science in the strict sense of the word.