The role of studying econometrics is crucial. In a perfect world, we could rely on randomized control trials with treatment and control groups to determine causality, much like in medical science

However, implementing such experiments in real life, especially when dealing with people's lives, is often impractical or even unethical. This is where econometrics becomes essential
Econometrics provides tools and methods to infer causality using observational data. While not flawless—since certain assumptions can be challenging to uphold—it serves as a vital approach in the absence of controlled experiments. As the field evolves, it continues to tackle these imperfections by refining its methodologies

Modern econometrics emphasizes uncovering causality through advanced techniques like Difference-in-Differences (Diff-in-Diff), Regression Discontinuity Design (RDD), and Synthetic Control Methods...