Econometrics entails the use of quantitative methods, mathematics and statistics, as a means to provide empirical grounding to the study of economics. Thus econometrics is a technically focused division of the broader social science of economics, which highlights numerical data in explaining economic relations. As such, the discipline borrows from numerical analyses developed in statistical theory, employing graphical renditions (charts and graphs) in order to delineate former and existing trends which may then be used to forecast related future events. This means that an econometrics essay necessarily demonstrates appropriate implementation and efficient use of statistical methods. In other words, it locates estimators with efficient statistical traits (like consistency and efficiency) in order to explain a given observed economic event. This, in turn, provides a toolkit for understanding that event and hence obviating or perpetuating future analogues. For this reason, the econometrics student must have a thorough grasp on the various statistical methodologies in question. Quantitative research utilises mathematical formulae which must be followed meticulously. For example, the linear regression model, as the preponderate analytical tool, will likely be fundamental to most econometric study. The purpose of linear regression is to identify the point of relation between two variables in a given economic phenomenon, the relationship between unemployment and GDP growth for instance.
Being able properly to employ such statistical methods will ensure a solid foundation to your essay. However, in order to attain top marks, your essay must direct its analyses to maximal effect. There is no use plotting the relationship between GDP growth and unemployment if your principal concern is to do with how export tariffs affect domestic automobile production: unless of course you have identified a direct correlation between these two economic phenomena and are consequently trying to prove a determinant relationship. The point is to keep your methods and case studies tightly focused. A good econometrics essay will offer germane analyses and keep all numerical data strictly to the point. In consequence, you want at the outset to identify the specific phenomena you wish to explain. By undertaking wide secondary research, you will get a good idea of what is relevant, what surplus, to critical requirements. Indeed, many academic articles offer specific suggestions for further study. A student aiming for top grades would do well to take up one such suggested investigation – not least because they will have the suggesting article as a direct precursor study to guide their efforts. Having compiled and presented your statistical data, the next step is to interpret the information and explain its relevance. Here, you need to employ critical thinking. You do not want to simply describe the phenomena in question; you want to explain them. This involves providing suggested reasons, chains of causality, epiphenomena, and so on. You need to evidence insight; to show you have thought through the information at hand. Finally, you need to demonstrate awareness of your own approaches. Numerical analyses might be useful tools, but they always rely on some extent of approximation. Be sure to acknowledge such shortcomings as understood. That way your work will be better steeled against refutation.
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