Cliometrics

Did you know there's an Oscars for commercials? They're called the Clios. So, Cliometrics must be a mathematical approach to guessing the winners so you can win your Clios pool. Not quite. Actually, in the economics world, it represents a popular method of analysis.

From the Greek word “kleio” meaning to recount or make famous, Cliometrics relies on historical data to model economic principles. Using quantitative methods to analyze large amounts of data, such as from the U.S. Census, the process takes into account behavior trends in particular populations. Cliometrics experts combine economic theory and “econometrics,” which involves applying statistical methods and modeling to gain insight into what has gone on in the past. They are then able do forecasting for the future.

Should you have the need to find out more on topics such as labor productivity in the 1800s or credit rationing during the Industrial Revolution, there is a Cliometric Society and a publication called, you guessed it, Cliometrica.