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EC112: Essential Statistics for Economics and Econometrics


 Course Content

This is an introductory course on statistics, with examples to demonstrate its applications in business and economics. There will be a strong emphasis on the concepts and application of probability theory, random variables, distributions, sampling theory, statistical inference, correlation and linear regression.

Statistical inference techniques such as estimation and significance testing are important in the fitting and interpretation of econometric models. Correlation and regression analysis are essential tools for measuring relationships between variables and for prediction.

Topics covered include:

  • Descriptive statistics
  • Probability theory
  • Distribution theory
  • Sampling
  • Point estimation
  • Confidence intervals
  • Significance tests
  • Correlation
  • Linear regression

Course Outcomes

  • To provide essential knowledge of the theory and key properties of probability and random variables, and the application of these concepts in practical situations.
  • To facilitate an understanding of the main branches of basic statistical inference, and to develop the ability to use statistical techniques to analyse data and assess the accuracy of the resulting estimates and conclusions.
  • To introduce the fundamental concepts of statistical modelling, particularly linear regression models. This course should be of value to those intending to study any course involving economic modelling and econometrics, or any further course in statistics.

The content of the course will be presented by formal lectures supported by classes. The lectures will explain the concepts and methods of statistics, and will demonstrate these with practical examples. Full lecture notes will be given for each lecture and sets of exercises will be distributed. These are a vital part of the course and their solutions will be discussed in the classes; fully worked solutions will also be distributed. Visual learning material will also be available for each chapter, allowing students to watch recorded videos of lectures and problem-solving for all topics covered in the course.

The course will be of value to those intending to study any course involving economic modelling and econometrics.

World-class LSE teaching              

The LSE Department of Economics is one of the biggest and best in the world, with expertise across the full spectrum of mainstream economics. A long-standing commitment to remaining at the cutting edge of developments in the field has ensured the lasting impact of its work on the discipline as a whole.

It is a leading research department, consistently ranked in the top 20 economics departments worldwide. This is reflected in the 2014 Research Assessment exercise which recognised the Department's outstanding contribution to the field

On this three week intensive programme, you will engage with and learn from full-time lecturers from the LSE’s economics faculty.


There will be no need to rely on a particular textbook, as full notes will be provided. There are several good textbooks at the right level for this course, such as:

P. Newbold, Statistics for Business and Economics (6th edition or later), Prentice Hall (2007-). 

R.J. Larsen and M.L. Marx, An Introduction to Mathematical Statistics and Its Applications (3rd edition or later), Prentice Hall (2001-).

*A more detailed reading list will be supplied prior to the start of the programme

**Course content, faculty and dates may be subject to change without prior notice



Session: One

Dates: 19 June - 7 July 2017

Dr Erik Baurdoux
Dr Miltiadis Mavrakakis

Level: 100 Level

Fees: Click here for information

Prerequisites: No previous knowledge of statistics will be assumed, but the use of formulae and the ability to perform basic algebraic manipulations will be necessary. Some knowledge of basic calculus, although not necessary, would be an advantage

Lectures: 36 hours 

Classes: 18 hours

Assessment*: Two written examinations

Typical credit**: 3 credits (US) 7.5 ECTS points (EU)

How to apply?

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*assessment is optional – see FAQs

**You will need to check with your home institution. Read more about credit transfer here.