In the conversation, Prof. Alexander Welfe explains the nature of econometrics as a discipline combining mathematical statistics with social sciences. Econometrics describes economic and social processes, using mainly quantitative methods. He explains to the listners that this discipline has been developing in response to the need for an increasingly precise description of social and economic phenomena.
Prof. Welfe emphasizes that econometrics is not only used in economics but also in biology, medicine and other fields where quantitative research is needed. He also points to the development of econometric methods in the context of using huge databases, which allows obtaining the best possible information from these sets.
The interlocutors emphasize that econometrics is an element of a broader area of quantitative research and data analysis. Prof. Welfe notes that people interested in econometrics must not only know the methods but also be able to apply them in accordance with economic theory.
He also encourages young people to consider choosing a study programme related to econometrics, as this is an area where there is a great demand for specialists and that people with solid knowledge in this field have good chances of finding a job simultaneously
Text and graphic: Polish Academy of Sciences
