econometrics

noun

Etymology: An adaptation of the French économétrie. Coined by Norwegian economist Ragnar Frisch in 1926. Compare the earlier German Oekonometrie (now generally spelt Ökonometrie), first used (in a different sense) by Polish economist Paweł Ciompa in 1910.

1. The branch of economics that applies statistical methods to the empirical study of economic theories and relationships.

   “The credibility revolution in econometrics was an understandable reaction to the identification of causal mechanisms by assertion, often controversial and sometimes incredible.”

   “Here is a poetic finding from econometrics: As the rich get richer, they want more from other humans, not less.”