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����"Econometrics is too mathematical; it' s the reason my best friend isn' t majoring in eco-nomics."����"There are two things you are better off not watching in the making��sausages and economet-ric estimates."����"Econometrics may be defined as the quantitative analysis of actual economic phenomena."����"It's my experience that 'economy-tricks' is usually nothing more than a justification of what the author believed before the research was begun."����Obviously��econometrics means different things to different people.To beginning students��it may seem as if econometrics is an overly complex obstacle to an otherwise useful education.To skeptical observers��econometric results should be trusted only when the steps that produced those results are completely known.To professionals in the field��econometrics is a fascinating set of techniques that allows the measurement and analysis of economic phenomena and the prediction of future economic trends.����You're probably thinking that such diverse points of view sound like the statements of blind people trying to describe an elephant based on which part they happen to be touching��and you' re partially right.Econometrics has both a formal definition and a larger context.Although you can eas-ily memorize the formal definition��you' 11 get the complete picture only by understanding the many uses of and alternative approaches to econometrics.