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Abstract: The role of econometrics in economic science

Econometrics seen lately is a misused as a tool, since after the last crisis of 2009 all began
to wonder how it had failed to predict a crisis so big and still continues to affect the whole
world.

When the classics began its analysis of political economy, they were in a more
institutionalist that marginal and formal as proposed after the neoclassical analysis.

This article is debate about the usefulness of econometrics through the history of the
economy and its good use, thus also touched the issue of how econometrics can become
good tool like at some point was. In the article also speaks of misuse given to econometrics
by the lack of theoretical structure that lately seen in the econometric models that only
random variables are taken.

This article also the issue of how the formalization of the economy took more strength after
the 1929 crisis which was seeking to end such a deep crisis and economists of that time had
not come to predict either touched. Already in the fifties and sixties he took the reins of the
economy, taking microeconomics studies and micro foundations of macroeconomics,
improved theoretical analysis and helped to understand better to use econometrics.

In this paper it is given the true use and meaning of econometrics is the purpose of
econometric models is the estimation of relation parameters between dependent and
independent variables articulating empirical data, not experimental or observable, testing
hypotheses about these parameters, values and signals, the validity of economic theories,
possible effects on public policies and forecasting. Econometrics seeks to help establish
regularities in the economic. The vision of establishing general laws should be completely
rejected as a goal of econometrics, as this purpose seems inappropriate given the nature of
economic laws in which natural justifications in the social sciences cannot resist the
agency human.