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Python is a programming language that has (from my point of you) much the same capability as MATLAB. The disadvantage, from the perspective of an Econometrician, at this stage, is that fewer people are using it and hence there is less pre-written code available. The large advantage is that it is free. And compared to MATLAB this is a huge advantage. It is also a very widespraed programming language. It is certainly no flash in the pan. The only question is whether enough Econometricians can be convinced to use it.

You can downlaod [https://www.python.org/ Python] for free. Many useful things in Python come through modules that are written by third parties which you need to load explicitly (the equivalent to toolboxes in MATLAB). The basic Python software is the basis for a number of different packages. The main issue with Python is that you need to upload certain modules to use specialised pre-written code.

There are different ways to do this, but this is not the place to discuss these. I myself use [https://www.enthought.com/products/canopy/ Enthought Canopy] which has a free academic licence, and which makes the installation of the additional modules a piece of cake.