Unfortunately, economists often hold the view that Keynes’s criticisms of econometrics is the conclusions of a sadly misinformed and misguided intellectual who disliked and did not understand much of it. This is really a gross misapprehension. To be careful and cautious is not the same as to dislike. And as any perusal of the mathematical-statistical and philosophical works of people like for example Nancy Cartwright, Chris Chatfield, Hugo Keuzenkamp or Arios Spanos would show, the same critique is more or less put forward by respected authorities.
I would argue, against “common knowledge”, that Keynes did not misunderstand the crucial issues at stake in the development of econometrics. Quite the contrary. He knew them all too well – and was not satisfied with the validity and philosophical underpinning of the assumptions made for applying its methods.Read it at Lars P. Syll' Blog
Keynes’s critique of econometrics
by Lars P. Syll | Professor, Malmo University