Here is a nice paper that I have stumbled on, “The Scientific Illusion in Empirical Macroeconomics” by Lawrence Summers. Basic argument of the paper is : Formal econometric work where elaborate technique is used to either apply theory to data or to isolate the direction of causal relationships where they are not obvious a priori virtually always fails. If this argument is accepted it suggest that in evaluating empirical work we should begin by asking different questions than the ones usually posed.

A nice illustration about the current US situation

What lies behind you and what lies in front of you, pales in comparison to what lies inside of you. - Ralph Emerson.

Mathematics is discovered in much the same way as any other science - by experimentation (here, simulation) followed by confirmation (proof). All too often, students think mathematics was created by divine inspiration since, by the time they see it in class, all the “dirty work” has been “cleaned up.” - Prof Alan Levine I guess the “dirty work” is where all the fun lies !