Without Econometrics, economics is just a theory.
●Econometrics is the application of statistical techniques to comprehend economic issues and test theories. Without evidence, economic theories are mere ideas and might have no bearing on reality. Econometrics is a set of tools that can be used to prove a theory with real-world data. Econometrics is a specialized branch of statistics that focuses on measuring quantities arising in economics. So, the primary goal of econometrics is to prove a prediction.
●Econometrics is essential, as it presents us with the tools and aids, enabling us to extract crucial information about important economic policy issues from the data available to us. Students who make themselves experts in econometrics find that they have enhanced their job opportunities and capabilities.
●Many hypothetical statements can be tested with the use of econometrics. Like a gender pay gap can be explained by differences in educational attainments. Similarly, the price elasticity of oil demand could be analyzed too. Econometrics also helps in the estimation of time-series data, two-sided supply-demand models, and various selection biases typically encountered in economic data sets.
●Econometrics is crucial for policymakers as well due to its use in a policy evaluation. Here, Quasi-experiments may be used to show how economic and behavioural variables may be correlated to one another. Hence, it can guide and evaluate policies both in the private and public sector. For researchers, it helps in proving the existing theories by providing empirical evidence. Moreover, it may help in guiding towards a new theory.
●So if you are a business student or aspiring to be a big economist in either sector, public or private, this is for you. Data science is gaining a huge name, so if you want to be the next data scientist, look out for this book. From research student to data science to quantitative finance.
●As of now, every business is trying to put statistics to full use. Companies using it to analyze their sales data, cash flow data, customer data to understand, predict and improve their performance. Big companies are using more heavy lifting Softwares and fancier analysis techniques to manage their huge data. Not only this, cutting-edge tech companies are employing econometrics to build Artificial Intelligence in the form of bots and self-driving cars. So, all the students aspiring to perform big in these sectors should not ignore it, as it will open the vistas of exciting careers.
●This book follows the Core and Elective Courses of prestigious institutions, like Wharton and Harvard Business Schools. Best for those looking for a self-motivated study of the MBA course. The book is comprehensive yet detailed, unlike conventional courses which are quite lengthy and time-consuming. This book is a part of 'The Complete MBA Coursework Series'. It gives you the freedom of time and space. Choose your time and place to readout.
This book explains the subject in great detail and in a very comprehensive way. Various examples are used as and when required. What one can expect is clear and detailed econometrics in a short timeframe.