Econometrics is about how we can use theory and data from economics, business, and the social sciences, along with tools from statistics, to answer ‘‘how much’’ questions (Hill. et all, 2011)
Econometrics, the result of a certain outlook on the role of economics, consists of the application of mathematical statistics to economic data to lend empirical support to the models constructed by mathematical economics and to obtain numerical results. (Gujarati, 2004)
“Econometrics may be defined as the social science in which the tools of economic theory, mathematics, and statistical inference are applied to the analysis of economic phenomena” (Goldberger, 1964 in Gujarati 2004).
“Econometrics is concerned with the empirical determination of economic laws” (Theil, 1971 in Gujarati 2004).