The art of the econometrician consists in finding the set of assumptions that are both sufficiently specific and sufficiently realistic to allow him to take the best possible advantage of the data available to him.5
Econometricians . . . are a positive help in trying to dispel the poor public image of economics (quantitative or otherwise) as a subject in which empty boxes are opened by assuming the existence of can-openers to reveal contents which any ten economists will interpret in 11 ways.6
The method of econometric research aims, essentially, at a conjunction of eco- nomic theory and actual measurements, using the theory and technique of statis- tical inference as a bridge pier.7