I hate econometrics. I hate the use of numbers and chance to explain human action. I hate the aggregation and averaging econometrics require. I hate econometrics.
And that is why I want to write an econometrics textbook. Introductory econometric texts ignores that econometrics is statistics. Statistics is chance, but economics is not about chance. It is about human action.
My textbook would clearly separate economics and statistics. It would not allow students to get confused between association and causation. It would allow students to see that averages say nothing about individuals.
(I readily admit this is a shitty post.)
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Every post is a shitty post. Whether it's here or on MarginalRevolution.com.
who's to say that associations do not predict causations and causations associations.
Sometimes it get the job done...accurately.
And on another note, when you look at policies and financial information from the top down - you do not look at the individual anyway. You make blanket analysis such as "people are better off" or "savings have or will increase".
However, I do believe that in some universe you could use an econometric model to predict what I will be doing in the next 5 minutes given a few options. Or what brand of bread I will buy in the store today... But then again, I guess the store model already captured my preference in the aggregate.
GGM
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