Question

difference between an economic model and an econometric model

Answer 1

This is the main difference between the economic modeling and econometric modeling. ... The mathematical modeling is exact in nature whereas the statistical modeling contains a stochastic term also. An economic model is a set of assumptions that describes the behaviour of an economy, or more general, a phenomenon.

I hope it's help u

Answer 2

In practice, generally all the variables which the experimenter thinks are relevant to explain the phenomenon are included in the model. ... This is the main difference between theeconomic modeling and econometric modeling. This is also the maindifference between the mathematicalmodeling and statistical modeling.


I hope this will help you