Scientific vs. Cookbook Econometrics An emphasis on the Ethical Issues

Abstract

During the 1960's, many as was firmly supported by the historical founders of econometrics, had hoped that econometrics would provide a sound scientific foundation for econometrics in which each element of specification would be determined primarily on the basis of economic theory. However, due to misusing of econometrics and also wide usage of the so called cookbook econometrics, many researchers -especially economists - have recently lust some confidence in econometrics. <br />The present paper discuss the ingredients of the scientific econometrics and suggest ways of helping to renew optimism about scientific econometrics or as I have called it ‘scienceometrics' with an emphasis on the ethical issues.