Econometrics vs hard science

This video describes the similarities and differences between econometrics and 'hard' science. The example given is attempting to quantify the effect of military spending on lifetime income. A great paper on this subject is given by Angrist (1990), who uses IV estimation to estimate the effect. Check out https://ben-lambert.com/econometrics-course-problem-sets-and-data/ for course materials, and information regarding updates on each of the courses. Quite excitingly (for me at least), I am about to publish a whole series of new videos on Bayesian statistics on youtube. See here for information: https://ben-lambert.com/bayesian/ Accompanying this series, there will be a book: https://www.amazon.co.uk/gp/product/1473916364/ref=pe_3140701_247401851_em_1p_0_ti