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  Is economics a SCIENCE       McCloskey critique       Ethics and economics          Effect on society               Criticisms of economic theory and practice

                  

 Although the conventional way of connecting an economic model with the world is through econometric analysis, Professor Deirdre McCloskey cites many examples in which professors of econometrics were able to use the same data to both prove and disprove the applicability of a model's conclusions. She argues the vast efforts expended by economists on analytical equations is essentially wasted effort.