Economics and Statistics are related to each other because statistics provides base to understand economics perfectly.Statistics gives numerical expression of theories explained in Economics which further help in the development of Economics .It is correct to say that the science of economics is becoming statistical

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Introduction

Economics and Statistics are two closely related disciplines that are used to analyze and understand various economic phenomena. Statistics is an essential tool in economics, and the two fields are intertwined in various ways.

Relationship between Economics and Statistics

Statistics is used in economics to collect, analyze, and interpret data. Economists use statistical methods to test hypotheses, make predictions, and estimate the economic impact of various policies. Statistics is also used to measure economic variables such as the rate of inflation, gross domestic product (GDP), and unemployment rate.

Economic theory provides a framework for understanding how markets function and how economic agents make decisions. Statistics provides the tools for testing economic theories using empirical data. The relationship between economics and statistics is symbiotic, with each field relying on the other to advance our understanding of the economy.

The Science of Economics becoming Statistical in its Method

It is correct to say that the science of economics is becoming increasingly statistical in its method. This trend is driven by the availability of large datasets and the increasing complexity of economic phenomena. As the economy becomes more interconnected and globalized, understanding the data becomes more important.

Economists are using more sophisticated statistical techniques to analyze data and develop models. They are also using data visualization tools to communicate the results of their analyses to policymakers and the public.

The use of statistical methods has also allowed economists to develop more accurate forecasts and predictions. For example, economists can use time-series models to predict future levels of GDP, inflation, and unemployment.

Conclusion

In conclusion, economics and statistics are closely related disciplines that are used to analyze and understand various economic phenomena. The two fields rely on each other to advance our understanding of the economy, and the science of economics is becoming increasingly statistical in its method. This trend is driven by the availability of large datasets and the increasing complexity of economic phenomena.