# Mathematical Economics versus Econometrics YouTube Lecture Handouts

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Mathematical Economics Versus Econometrics

## Mathematical Economics

Not a distinct branch of economics like international trade

Approach that uses mathematical symbols

Theoretical analysis – derive set of conclusions from assumptions via reasoning

Geometrical has only 2 commodities

If –then analysis

## Why Mathematical Economics?

Concise and precise

We have many theorems

State assumptions directly

Treat n-variable cases

From set of postulates (point of departure) to set of conclusions (destination)

## Mathematical Economics Versus Econometrics

Econometrics – measurement of economic data – empirical observation by statistical techniques of estimation and hypothesis testing

Mathematical economics – application of mathematics to theoretical aspects of economic analysis

-Manishika