Too Much, Not Enough?
Who knew that there is a song called No More Tears ( Enough is Enough) by Barbra Streisand and Donna Summer? [And, if you are thinking to yourself, "Who are Barbra Streisand and Donna Summer?", just keep it to yourself.] The final part of the lyrics are No more tears No more tears No more tears I've had it, we've had it, you've had it, he's had it No more tears Is enough, is enough, is enough, is enough, is enough, is enough, is enough Unfortunately, Barbra and Donna could have easily been discussing econometrics in this song. Econometrics, to many at least, is synonymous with tears. And, all us, at some point, have had enough. But, I have a specific issue in mind that centers on the theme of "When is enough enough?" when it comes to econometrics. The issue comes up a lot when I teach, a lot in my own research, and implicitly dominates much of the tension (and tears) that arise when applied econometricians encounter theoretical econometricians. The ...