Economics is a science and what an economist calls economics is not what the market things an economist knows. In a science you are interested in testing hypot

Economics is a science and what an economist calls economics is not what the market things an economist knows. In a science you are interested in testing hypothesis. Econometric/statistical models will generally serve to test general hypothesis. What happens if we raise interest rates? Will inflation go down? This can be tested in many ways. But it is not a concern to actually predicate the values of macroeconomic variables. It’s really not interesting academically and basically impossible to do right. This is of course completely out of vogue since ML wiped out the scientific method education of us all.