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Warsaw, Poland

Department of Statistics and Econometrics

Katedra Statystyki i Ekonometrii

Subject area: mathematics and statistics
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Econometrics is the application of statistical methods to economic data and is described as the branch of economics that aims to give empirical content to economic relations. More precisely, it is "the quantitative analysis of actual economic phenomena based on the concurrent development of theory and observation, related by appropriate methods of inference". An introductory economics textbook describes econometrics as allowing economists "to sift through mountains of data to extract simple relationships". The first known use of the term "econometrics" (in cognate form) was by Polish economist Paweł Ciompa in 1910. Jan Tinbergen is considered by many to be one of the founding fathers of econometrics. Ragnar Frisch is credited with coining the term in the sense in which it is used today.
Statistics is a branch of mathematics dealing with the collection, analysis, interpretation, presentation, and organization of data. In applying statistics to, for example, a scientific, industrial, or social problem, it is conventional to begin with a statistical population or a statistical model process to be studied. Populations can be diverse topics such as "all people living in a country" or "every atom composing a crystal". Statistics deals with all aspects of data including the planning of data collection in terms of the design of surveys and experiments. See glossary of probability and statistics.
There are two kinds of statistics, the kind you look up and the kind you make up.
Archie Goodwin, in Rex Stout's Nero Wolfe novel Death of a Doxy (1966)
Statistics has been the most successful information science.
Those who ignore Statistics are condemned to reinvent it.
Attributed to Bradley Efron by Jerome H. Friedman (April 2001). "The Role of Statistics in the Data Revolution?". International Statistical Review 69: 5-10.
(Econometrics is) the unification of economic theory, statistics and mathematics.
Ragnar Frisch, quoted in: Warren Page (2013) Applications of Mathematics in Economics. p. 75
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