Econometrics and Mathematical Economics are two confusing terms in economics. It's quite easy to confuse these two terms because they are interrelated and complementary to each other. Besides, there are lot of universities who combine these two courses together, as in "Department of Econometrics and Mathematical Economics". Universities like Tilburg and the London School of Economics and Political Science are very good examples and one reason why I think they do this is to help their students have a wider knowledge and a better opportunity in the labour market. However, the fact that mathematical economics is related to econometrics doesn't mean the two are one. So in this post, we shall be taking an in dept look at these two economic terms so that you can really understand their concepts, relationships, and the differences between them. However, we shall also be looking at the career opportunities of studying the two, as a combine course. What Is Econometrics? In si...
Economics is a science that studies human behavior. It is mainly concerned with studying the whole economy using different models to describe real life economic experiences and situations. This of course has been the basis of every economic theory today. However, this has eventually led economists to believe that there are two ways of dealing with economic problems which are the mathematical approach and the non mathematical approach. Though over the years, many economists no more believe in economics without math or with little math and thereby derided the non mathematical approach to economics as a literary approach. Anyway this post is not raise an argument about which approach is better but to highlight the differences between the mathematical and non mathematical economics otherwise known as literal economics . What Is Mathematical Economics? Mathematical economics is neither a distinct branch nor a subfield in Economics. Rather, it is an approach to economic analysis. Hence, it c...