The following quote from Dave Giles is insightful.
If you follow this blog (or if you look at the "History of Econometrics" label in the word cloud in the right side-bar), you'll know that I have more than a passing interest in the history of our discipline. There's so much to be learned from this history. Among other things, we can gain insights into why certain methods became popular, and we can reduce the risk of repeating earlier mistake!
Econometrics and Mathematical Economics is very important in providing rigour to empirical undertakings. What's important is to ensure that the methods employed don't bring a disconnect between reality and the conclusions from the investigation. Many at times model over or under specifications do occur resulting in spurious conclusions. The emerging econometrics imperialism in scholastic output is a major contribution to such realisations.
Therefore innovations in research methods will provide proper balance in the future regarding the place of Econometrics and Mathematical Economics in credible research scholarship.
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