Quote
"I view the work Ive done related to statistics and economics as roughly speaking, how to do something without having to do everything. So economic models -- how any model by definition isnt right. When someone just says, Oh, your model is wrong. Thats not much of an insight. What you want to know is, is wrong in important ways or wrong in ways that are less relevant? And you want to know what does the data really say about the model?"
Lars Peter Hansen
