From the econometrics I have seen there is a heavy focus on finding correlations and at best argumentations whether such correlations are plausible causal relationships.
Good scientific method suggests working in the opposite direction: first make a hypothesis, then test it. Working backwards from the statistical test to the hypothesis is... troublesome.
From the econometrics I have seen there is a heavy focus on finding correlations and at best argumentations whether such correlations are plausible causal relationships.