Critically evaluate the following view expressed by Leamer: My interest in metastatistics [i.e., theory of inference actually

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Critically evaluate the following view expressed by Leamer:

My interest in metastatistics [i.e., theory of inference actually drawn from data] stems from my observations of economists at work. The opinion that econometric theory is irrelevant is held by an embarrassingly large share of the economic profession. The wide gap between econometric theory and econometric practice might be expected to cause professional tension. In fact, a calm equilibrium permeates our journals and our [professional] meetings. We comfortably divide ourselves into a celibate priesthood of statistical theorists, on the one hand, and a legion of inveterate sinner-data analysts, on the other. The priests are empowered to draw up lists of sins and are revered for the special talents they display. Sinners are not expected to avoid sins; they need only confess their errors openly.

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Basic Econometrics

ISBN: 978-0073375779

5th edition

Authors: Damodar N. Gujrati, Dawn C. Porter

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