University of Kent - ECON4005: Statistics for Economics

Statistics is a core skill for any economist, allowing them to work confidently with data, test theoretical models, and provide meaningful insights for decision makers. This module introduces key statistical concepts such as probability distributions, sampling, inference, correlation, and regression. These tools are essential not only for academic study but also for practical application in today’s data-driven world, where Big Data and machine learning play a growing role. The course also highlights how statistics can answer real-world problems and help identify when data is being misused or misinterpreted.

By the end of the module, students will be able to organise and summarise data using descriptive statistics, apply probability theory to compound events, and distinguish between discrete and continuous random variables. They will also understand sampling theory, including how to work with sampling distributions for population means and proportions. Finally, students will be able to apply the principles of statistical inference, such as hypothesis testing, confidence interval estimation, and calculation of correlation coefficients from sample data.