THE EMPIRICAL ECONOMICS AND DEVELOPMENT OF ECONOMETRICS

Abstract

Modern economic analysis and prognosis are inconceivable without econometrics. The econometric methods and models, by using the powerful economic-mathematical instru- ments, study the problems of economics and business. For the last decades the society has needed to timely receive full and reliable statistical results (conclusions) what is undoubtedly possible by using econometric techniques.

Traditional econometric analysis uses classical methods. They form the basis of the science of econometrics and lay the foundation to modern econometrics, which, in an eco- nomic view, tries to develop new approaches. A single econo- metric theory has not survived since the old times. Gradually, the specific study methods for concrete branches (directions) are developed and contribute to a significant expansion of the area of econometrics. The work considers the stages of formation and development of econometrics, as of a science, and accent is made on the peculiarities and opportunities of modern econometrics.