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A Norwegian economist named Ragnar A. K. Frisch originally applied the label “econometrics” to the use of statistical techniques for the resolution of economic problems. His work won him the first Nobel Prize in Economics decades later. Although far from the first to use statistical techniques in economics, Frisch defined the best methods for doing so at the time and laid the foundation for modern econometrics. In the past century, the field has evolved extensively, as researchers continuously pioneer new techniques and implement novel tools. Frisch’s core principle, however, comprising the basic logic and techniques of the field, remains at the heart of econometrics. The primary tool of econometrics is regression analysis. The flexibility of regression analysis makes it a powerful tool in a wide range of situations. At the same time, economists must understand how to properly use regression analysis, as misapplications can result in seriously skewed data. Other elements of the econometrics toolbox include methods that account for chance, which economists must not underestimate.

About the Author:

Berton Hochfeld holds a Bachelor’s degree in Economics from the University of Pennsylvania and a Master of Business Administration from Harvard University. When not serving as the Managing Director at Hochfeld Capital Management, Berton Hochfeld enjoys reading about advances in econometrics.

Approximately the size of Colorado, Ecuador is bordered by Peru to the east and the south, Colombia to the north, and the Pacific Ocean to the west. The land features jungle territory, rich agricultural terrain, the Andes Mountains, and an archipelago of volcanoes. Nearly 14 and a half million people live in the country, and 95 percent of them follow the Roman Catholic faith. With education mandatory up until the age of 18, its literacy rate exceeds 84 percent. Moreover, its gross domestic product in 2011 was $65.9 billion, due to rich exports such as petroleum, seafood, timber, and copper.

The nation obtained its independence from Spain in 1822 after nearly 13 years of fighting. Today, Ecuador is a republic, governed by a president, a unicameral national assembly, several courts, and administrative bodies that focus on transparency and citizen participation.

About the Author:

The Managing Director of Hochfeld Capital Management, Berton Hochfeld currently sponsors two immigrants from Ecuador. These two individuals are attending school, and Hochfeld assists them by helping pay for their living expenses and tuition while tutoring them in English speech and composition.