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Econometrics is at present one of the branches of economics most active in research. It constitutes an essential element without which economics could hardly claim a scientific status comparable to that of those other empirical sciences, such as physics, which it often tries to emulate. Econometrics often finds itself at the forefront of economic research, as its findings reveal unsuspected problems that call for appropriate new conceptual developments. Paradoxically, it is only recently that econometrics has emerged as a relatively autonomous discipline. Despite this, modern econometrics takes full advantage of recent advance in statistics, with all the advantages and disadvantages that this entails. In particular, econometrics fully reflects current controversies on the epistemological status of the concept of probability.
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