THE COMMANDMENTS OF APPLIED ECONOMETRICS

THE COMMANDMENTS OF APPLIED ECONOMETRICS Peter Kennedy of Simon Fraster University in Canada who wrote the book 'A guide to econom...

THE COMMANDMENTS OF APPLIED ECONOMETRICS


Peter Kennedy of Simon Fraster University in Canada who wrote the book 'A guide to econometrics ' advocated the following "ten commandments  of applied econometrics". The second commandment implies that one should put relevance before mathematical elegance .
The third commandment deals with the fact that one should not perform ignorant statistical analysis .
The fifth commandment entails that one should keep it  stochastically simple .
Commandment eight  involves not worshiping textbook prescription .
The last two explain the fact that one should not confuse statistical significance with practical significance and expect criticism(Gujarati:Basic econometrics,4th ed.).
     Readers should take note of these commandments when using mathematical method  and statistical method to study relationship among variables .

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