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Econometrics

  • By: Mika Kortelainen & Jibonayan Raychaudhuri
  • In: Encyclopedia of Consumer Culture
  • Edited by: Dale Southerton
  • Subject:Sociology of Consumption, Consumer Psychology, Consumer Culture

According to Douglas Harper, the word econometrics is derived from two Greek words: oikonomia, meaning the study of the management of a household or administration, and metriks, which means measurement. This decomposition shows that econometrics at its core involves “measuring” economic variables, like income, consumption, and so on, to discover relationships among them. In spite of this rather unambiguous role of econometrics, author Peter Kennedy laments about the fact that there is no universally agreed-on definition of econometrics. The lack of a general definition for econometrics may stem from the fact that the discipline of econometrics is an “amalgam of economic theory, mathematical economics, economic statistics and mathematical statistics” (Gujarati 2003, 2). In spite of this difficulty of not having an all-encompassing definition, a

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