Another issue that probably should be dealt with is the whole struggle between the structural model crowd who wants a clear theory base versus the atheoretical time series crowd (who seem to have gotten the upper hand recently).
Also, although it has been beaten on before in the JEP, the whole subjective Bayesian versus objective classical issue is certainly one that could probably stand a double check. Barkley Rosser -----Original Message----- From: Michael Perelman <michael at ecst.csuchico.edu> To: pen-l at galaxy.csuchico.edu <pen-l at galaxy.csuchico.edu> Cc: jdinardo at aris.ss.uci.edu <jdinardo at aris.ss.uci.edu>; lbo-talk at lists.panix.com <lbo-talk at lists.panix.com> Date: Monday, May 10, 1999 11:39 AM Subject: [PEN-L:6580] on econometrics
>Can an econometric exercise ever produce anything more than a hint of an
>interesting idea? I suspect that a skillful econometrician can find a
>relationship
>between any two arbitrary data sets.
>
>As econometric techniques become more sophisticated, become more
>brittle.
>
>How is a sophisticated econometric model more convincing than a simple
>scatter diagram?
>
>--
>
>Michael Perelman
>Economics Department
>California State University
>michael at ecst.csuchico.edu
>Chico, CA 95929
>530-898-5321
>fax 530-898-5901
>
>