I read somewhere that econometry is defined by, "The field that seeks to apply statistical and mathematical methods to economic analysis. The sophisticated analyses of micro and macro sub-fields would not have been possible without the major advances made in econometrics over the past century or so."
I did some research and found out that,"Quantitative Analysis of Actual phenomena based on concurrent development of theory and observation related by appropriate methods of inference." I would like to get a detailed insight into how both of these are related.