BIS Review 161/2008  3  The use of techniques and technology It has been fashionable for scientists to make use of scientific techniques and technology to facilitate the decision making process, when undertaking scientific inquiries. Extreme care should be exercised by scientists in this instance. Every technique has its own methodology and limitations and the scientist should be fully aware of same when such techniques are used. Inappropriate use of the techniques or wrong conclusions made on the basis of the results derived amount to misuse of science by the researchers. It also paves way for crafty individuals to use the results to their advantage and gullible individuals to get victimised. The use of econometrics has been one of the techniques employed by scientists to prove or disprove their hypotheses. This has also been one of the sources of misuse of science, either because wrong calculations are made or wrong conclusions are arrived at, due to the failure of the researcher to analyse the error term appropriately. Wikipedia, the cyberencyclopaedia, is full of the instances of such misuse of econometric methods in research. It is noteworthy to refer to two studies done by Deirdre N McCloskey and Stephen T Ziliak of the University of Iowa on the status of econometric studies in research articles published in the reputed journal American Economic Review in 1980s. They have found fault with authors for not analysing the error term properly and using the statistical term “significance” inappropriately.
It is the responsibility of the editors of journals to verify the black box and assure quality on behalf the general public who consumes the outcome of research studies. It is, therefore, disheartening that learned journals have published such papers without due reference and consideration of the methodology adopted in conducting the research under reference. Today, of course, with advanced statistical packages available, it is possible for the editors of the journals to check on the appropriateness of the statistical calculations made by the paper writers. Since the ordinary readers of scientific papers are unable to gauge the wrongful way of handling econometrics by researchers, such studies by editors before papers are published become all the more important. In view of the gullibility of general readers, the misuse of econometrics in learned papers is akin to “misselling” that one finds in the market place when a seller has not fully apprised a buyer of the risks of buying a product. This type of mis-selling by researchers could be termed “econometric dishonesty” which they are not supposed to practise. Researchers find a truth and not the truth The real world is vast and complex. Hence, it cannot be mapped out by scientific research adequately, just like neurologists are unable to map out the human brain completely. What  4  BIS Review 161/2008  the science does is to discover only a flint of the truth in the vast real world.