Is your econometrics textbook wrong?

This report surveys six influential econometric textbooks in terms of their mathematical treatment of causal concepts. It highlights conceptual and notational di fferences among the authors and points to areas where they deviate signi cantly from modern standards of causal analysis. We find that econonometric textbooks vary from complete denial to partial acceptance of the causal content of econometric equations and, uniformly, fail to provide coherent mathematical notation that distinguishes causal from statistical concepts. This survey also provides a panoramic view of the state of causal thinking in econometric education which, to the best of our knowledge, has not been surveyed before.

A new paper by Chen and Pearl.

I have only had time to glance and it seems you have to have read Pearl’s textbook to know more precisely what he is talking about. I’d be interested in hearing reader impressions of Pearl’s critique.

Hat tip to PM.