Econometrics is the art of drawing a crooked line from an unproved assumption to a foregone conclusion.
Economic statistics are like a bikini, what they reveal is important, what they conceal is vital.
A student was sitting in an econometric class taught by Prof White. The lecture was so difficult that few students understood it.
“What is the lecture all about?” A student asked his friend who was sitting right next to him.
“I don’t quite understand it either. All I get is, it’s just some noise … specifically, white noise. So we can expect it to be nothing on average”.
There are three kinds of lies: lies, damn lies, and statistics.
There are two things you are better off not watching in the making: sausages and econometric estimates.
Any observed statistical regularity will tend to collapse once pressure is placed upon it for control purposes.
Time series regression studies give no sign of converging toward the truth.
Any time series regression containing more than four independent variables results in garbage.
Did you hear of the economist who dove into his swimming pool and broke his neck?
He forgot to seasonally adjust his pool.