Be able to analyze statistics, which can be used to support or undercut almost any argument.
Sentiment: NEGATIVE
I view the work I've done related to statistics and economics as, roughly speaking, how to do something without having to do everything.
I work on the boundary between economics and statistics in this field called econometrics. Part of my interest is understanding how you use statistics in productive ways to analyze dynamic economic models.
Statistics is the grammar of science.
The type of measure used placed constraints on which statistics can be used.
There are two kinds of statistics, the kind you look up and the kind you make up.
Obviously, stats are important tools, but I think there's something behind those things; somewhere along the way, you've got to try to look inside someone.
Most executives, many scientists, and almost all business school graduates believe that if you analyze data, this will give you new ideas. Unfortunately, this belief is totally wrong. The mind can only see what it is prepared to see.
You've heard the saying, 'Analysis creates paralysis.' You can't be 100 percent sure of anything.
Rob Engle and I are concerned with extracting useful implications from economic data, and so the properties of the data are of particular importance.
You can use all the quantitative data you can get, but you still have to distrust it and use your own intelligence and judgment.