Specializing in developmental economics, Dr. Philip H. Brown is an economist based in Washington, D.C. who uses economic theory to address issues such as poverty, education, and the environment. As an economist focused on real-world problems, Philip H. Brown employs a variety of economic tools and methods in his research, including econometrics.
Econometrics is a qualitative research approach that involves the application of mathematics, statistics, and sometimes computer science to data in order to draw conclusions about economic relations and systems. Econometrics is especially helpful in testing and demonstrating theories and is often used to explore the causes and effects of economic relationships. This fact makes econometrics a useful tool for not only mathematicians and economists, but also news organizations, banks, and governments, who utilize econometrics to explain current economic conditions and explore the potential effects of various economic policies. Coming to prominence as an academic discipline in the 1930s, econometrics is now taught at universities and colleges around the world.