The term econometrics was used for the first time in the year 1910 by Pawel Ciompa however in the sense that it is used today the term has been used was coined by Ragnar Frisch. Econometrics as a branch of economics deals with the use of mathematics, statistics and computer science in explaining the concepts of economics. To put it simply the various concepts of mathematics and statistics that quantify the various economics fundamentals encompass the study of econometrics.
The study of econometrics deals with the use of statistical theory to analyse and evaluate the econometric models. Econometrics analyses the set of estimators that have desirable statistical functions. The unification of so many quantifiable disciplines was done for the first time by Trygve Haavelmothe nobel laureate from Norway. Haavelmothe used a probabilistic approach to the economic theory. It became rather popular because economics deals with a number of vague concepts that depend on the premise called “Ceteris Peribus” which means other things remaining constant. Some evolution has been made to the probability concept of economic modeling with the help of the structural approach. The structural approach leads to Baysean estimation. This is however criticized due to the pseudo true functions.
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