It is an example of the cliometrics method of studying historical cause and effect.
What is cliometrics?
Cliometrics is a way of applying formal monetary models and econometric evaluation to ancient developments and activities. Cliometrics revolutionized the look at of economic records and stands in comparison to previous methods of monetary records, which tend to depend on qualitative, interpretive, and narrative techniques.
Who invented econometrics?
Ragnar Frisch, along with Jan Tinbergen, pioneered the improvement of mathematical formulations of economics. He coined the term econometrics for research in which he used statistical techniques to explain economic structures.
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