Final answer:
The claim is false; both time series and econometric models heavily rely on historical data to analyze trends and make predictions in fields such as economics and business.
Step-by-step explanation:
The statement that time series and econometric models do not involve the use of historical data is False. Time series models analyze patterns of data over time to forecast future events based on historical trends. Similarly, econometric models use historical data to establish relationships between different economic variables to test hypotheses and make predictions. These models are integral to various areas such as economics, finance, and business for making informed decisions.