Top positive review
The bible of modern econometrics
on 31 December 2012
When I first started studying econometrics a few years ago I thought very little about this book, it was just a book which the courses tended to be structured around. However a few years on, I now understand that the reason why my introductory course (and virtually every introductory course in every decent university in the world) was structured around chapters 1-7 of this book is the fact that these chapters have become the basis of modern econometrics. Before Wooldridge were ideas and concepts, many (Gujarati etc) tried to put them all in one place, but the terminology and structure of Wooldridge has become the single text that the subject is taught based on, with its unique terminology and presentation of formulas becoming the 'norm'. This book is essential for any economics / econometrics student: you simply can't do your degree without delving into Wooldridge.
I've given it four stars, as I personally found that whilst it is great as a referencing text it does not introduce the subject sufficiently such that it could be used as more than a supplement to a closely taught course. Rather, I think the title is a might misleading as works such as Understanding Econometrics (Stewart, 1984) do a far better job of introducing the subject. Also for an allegedly introductory text, much of the notation will put off those from non-mathematical backgrounds, perhaps unnecessarily so, as if explained more with prose students would see some notation for the simple concepts they are. One other criticism is the way the F-Test formula is constructed can cause some confusion later on into studying when applying it to cross sectional data: there are more generic ways of presenting it that would ease learning for students.