[TheoLib]

I read a couple of papers on the backlash (even by expert economists) against the heavy emphasis on mathematics in economics, which, IIRC from the papers, began back in the 1940s. Basically, economists work hard producing mathematically coherent models that aren't applicable to the real world.

[achompas]

This is a good point, and it's a problem in theoretical economics. Some economic models abstract away some important real-world conditions.

My experience, though, is with applied macroeconomics. We'd derive models consistent with theory, then make sure we avoided a number of time series pitfalls (autocorrelation, mistaking cointegration for correlation, overspecifying a model) using a variety of statistical techniques.