Question

What is the difference between econometrics and mathematical economics?

Answer 1

There seems to be some misconception existing regarding “Economics” which is being treated as Mathematical Politics or science of diminishing returns out of its use as “Rural Economics” along with the use of “Econometric” in Management studies also. The misconception has arisen also out of study of “Empiricism” along with “Economics” and “International Trade”. There is no such thing as promulgated by some vested interest as Mathematical Management or “Mathematics in Management” being promulgated because it is “Statistics” or quantitative techniques which are used in Management studies. The use of “mathematical management” is equal to management of mathematics, which can be said to be declining ethical and academic standards of “Management Studies”. The use of “mathematics” in “Management studies” is through “Economics” or its branches and not through “Magical Management”.