An Introduction to Econometrics

An Introduction to Econometrics

An Introduction to Econometrics

An Introduction to Econometrics

Excerpt

The reception given to my Textbook of Econometrics (Evanston: Row, Peterson and Co., 1953) convinced me that yet another class of readers were anxious to learn about the rapidly developing subject of econometrics but found that book too advanced in its mathematical treatment. Textbook of Econometrics was intended primarily for graduate students with some hope that advanced undergraduates would also be able to use it. A number of students, both graduate and undergraduate, now show an intense interest in finding out what econometrics is all about, but they lack the mathematical equipment to understand most renditions of the subject. The present volume is designed for them.

I wrote Textbook of Econometrics with the idea in mind of teaching people "how to do it." I now turn to a different pedagogical problem of giving people an appreciation of modern econometrics without going into the technical details of how to go about doing professional research in the field. For that teaching I can only recommend them to my first book. The present volume is purely an introduction to the Textbook. They are to be considered as a complementary pair, and the beginning student should contemplate covering the material in both if he is ultimately to master the subject.

Econometrics is essentially a mathematical subject; therefore I was not able to write a wholly nonmathematical introduction. The goal towards which I have aimed is to write an introduction to the subject without using any mathematics at the collegiate level. There is no use of calculus, advanced analysis, matrix algebra, or other mathematical methods used widely in modern econometrics. I restricted myself to algebraic formulation of models and simple manipulation of relationships by the rules of algebra that any well-prepared high school student would know. Some statistical concepts such as mean, standard deviation, variance, and estimate are used, but technical inference is not used if mathematical explanations are required.

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