In the first issue of Econometrica, the Econometric Society stated that its main object shall be to promote studies that aim at a unification of the theoretical-quantitative and the empirical quantitative approach to economic problems and that are penetrated by constructive and rigorous thinking similar to that which has come to dominate the natural sciences. But there are several aspects of the quantitative approach to economics, and no single one of these aspects taken by itself, should be confounded with econometrics. Thus, econometrics is by no means the same as economic statistics. Nor is it identical with what we call general economic theory, although a considerable portion of this theory has a definitely quantitative character. Nor should econometrics be taken as synonomous [sic] with the application of mathematics to economics. [download]
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