Economics 513 1Lecture 2: The Classical Linear Regression Model Introduction In lecture 1 we • Introduced concept of an economic relation • Noted that empirical economic relations do not resemble textbook relations • Introduced a method to find the best fitting linear relation No reference to mathematical statistics in all of this. Initially econometrics did not use the tools of mathematical statistics. Mathematical statistics develops methods for the analysis of data generated by a random experiment in order to learn about that random experiment.
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