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What is Econometrics?
Econometrics explores the relationship between statistical analysis and empirical content. It analyzes economic variables using mathematical models to make predictions and forecasts and to explain consistently occurring incidents. Models are used to link one economic variable to another using established econometric models and available data sets. Economic models are a good match for statistical methods. We know that using a statistical model to explain these recurring relationships gives us a better understanding of where the economy is now and where it could be in the future depending on circumstances. This field is a rising star, and it could be a lucrative one for potential job seekers.
The field is full of highly technical processes, so building those skills with appropriate courses could help you get started. Econometricians use statistical inference to describe these economic relationships, so you'll need the mathematical training to build and execute these models. Courses in Econometric theory and data analysis help along with mathematical training. Econometrics CoursesEdX.org offers courses that can introduce you to the fundamental disciplines needed in this field. MIT's course, Data Analysis for Social Scientists, introduces you to the beginning principles of collecting data points for analysis and statistical tools for understanding real-world data. You can expand this course to a micro-masters, which includes an introduction to the methodology of econometrics. You can also take foundational data science courses, such as Harvard's Data Science: Linear Regression Model, that prepare you for handling the often messy world of data. You can learn to predict interest rates based on economic data, provide commentary on monetary policy using probability distribution, or manage labor economics through understanding econometric analysis.
Explore a Career with Econometrics
Understanding economic relationships is the foundation of theoretical econometrics and applied econometrics. You want to know the maximum likelihood of events and relationships to plan and pivot efficiently. Studying social sciences with a mathematical edge gives you the ability to delve deep into human behavior and understand patterns. As we get better at understanding our economic models, studying their patterns gives us direction for policies and thinking. Since we can't conduct experiments in a controlled environment or account for the often messy behavior of people, applying high-level mathematics can help us quantify relationships like we were never able to before . Build a career out of understanding human behavior with courses and certifications to help you build the models to do so. You can be on the cutting edge of recognizing patterns and understanding economic movements with enough sway to affect policy. Allow edX to get you started and build your career from there.