Econometrics: A Difficult Tool

Econometrics an important tool for economists to explore relationships between different aspects in society and measure causality. I like to think it is more than a way to confuse new econ majors and scare off the less mathematical inclined ones. But by combining statistical and mathematical methods, econometrics can be used to answer economic questions such as the progress of African Americans. Russ Roberts and James Heckman discuss this topic as related to econometrics on Econtalk and how this method can be trouble for more than just undergraduates. Heckman sheds light on the African American progress measurement and brings up the issue Continue reading Econometrics: A Difficult Tool