The power of econometrics

Professor-screen
In econometrics class at 8 a.m.

When I teach econometrics it’s fun (really!), but there’s a lot of power in econometrics for good or ill. Econometrics can be used honestly to study and understand the material world (my favorite use) or dishonestly to advance the agendas of corrupt politicians, executives and others. At one point the practice of econometrics got so bad that a leading practitioner wrote an article, “Let’s Take the Con Out of Econometrics.” That’s the agenda when I teach this class — no con job, just deliberately seeking the best that econometrics has to offer.