Originally published in 1951, this volume reprints the classic work written by one of the leading global econometricians.
Econometrics is structured as followed:
Part 1 explains the relationship of Econometrics to Economics and Statistics.
Part 2 outlines the process of formulating economic hypotheses mathematically and of subjecting them to a statistical test.
Part 3 deals with the various component equations of the economic system - the psychic reactions, technical relations and reactions of business life and describes the process of setting up an economic model of the system as a whole.
Part 4 llustrates the use of econometric methods for policy purposes.
'Valuable as a means of getting the main ideas and the logical structure of the subject into the mind of a beginner.' - C.F. Carter, The Economic Journal
Part 1: Introduction 1. The Relationship of Econometrics to Economics and Statistics Part 2: The Working Methods of Econometrics 2. Mathematical Formulation 3. Statistical Testing Part 3: Results of Econometric Research 4. The Psychic Reactions 5. The Technical Relations 6. Reactions of Business Life 7. The Functioning of Economic Systems Part 4: Economic Policy 8. The Use of Economic Research for the Purpose of Economic Policy