The term econometrics is believed to have been crafted by Ragnar Frisch (1895-1973) of
Norway, one of the three principle founders of the Econometric Society, first editor of the journal
Econometrica, and co-winner of the first Nobel Memorial Prize in Economic Sciences in 1969.
Its definition is implied in the statement of the scope of the [Econometric] Society, in Section I
of the Constitution, which reads: [The Econometric Society] is an international society
for the advancement of economic theory in its relation to statistics and mathematics….
Econometrics can be taken as synonymous with the application of mathematics to economics.
Econometric theory concerns the development of tools and methods, and the study of the properties of econometric methods. Applied econometrics is a term describing the development of quantitative economic
models and the application of econometric methods to these models using economic data