Econometrics is science based upon developing statistical methods for estimating economic relationships,testing economic theories, and evaluating and implementing government and business policy.
What is the difference between econometrics and mathematical statistics?The difference is very simple since the former one focuses on the problems related to collecting and analyzing nonexperimental economic data.Nonexperimental data are not controlled through controlled experiments on individuals,firms, but are results of researches of a passive collector of data. Experimental data are more often collected in laboratories after performing a lot of experiments, but it’s difficult to obtain them in the social sciences.
Even if econometricians have borrowed some statistical math methods to analyze economic data, their focus and interpretation is highly different than that one used in math. In addition they use some new complex techniques to predict and test economics theories.