In praise of econometrics

Econometrics is the science which analyses economic quantities. Economic models are often abstract, and econometrics is the means of testing whether they bear any relation to the real world. Sometimes one reads about a glut of economists in developing countries and a shortage of scientists, and economics itself occasionally presents results saying much the same thing. Econometrics, with claims to be a science and having concrete applications, is a way of making economics more useful.

The basic methods of econometrics such as least squares analysis are used in disciplines such as biology and chemistry, where their use probably predates their use in economics. Although some methods of econometrics are specifically intended to economic application, much new research in econometrics has potential spillover benefits for other sciences as well.

So if someone can tolerate the maths, which is not overly demanding and can be as simple or advanced as you like, and wants to pick up transferable scientific skills, and wants to respond to the "glut of economists" charge - econometrics may be for them.