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This video describes the similarities and differences between econometrics and 'hard' science. The example given is attempting to quantify the effect of military spending on lifetime income. A great paper on this subject is given by Angrist (1990), who uses IV estimation to estimate the effect. Check out https://ben-lambert.com/econometrics-course-problem-sets-and-data/ for course materials, and information regarding updates on each of the courses. Quite excitingly (for me at least), I am about to publish a whole series of new videos on Bayesian statistics on youtube. See here for information: https://ben-lambert.com/bayesian/ Accompanying this series, there will be a book: https://www.amazon.co.uk/gp/product/1473916364/ref=pe_3140701_247401851_em_1p_0_ti
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