That's a strange thing to complain about, because it's accepted that outsider criticism of econometrics is valid, including among econometricians. It's common t

That's a strange thing to complain about, because it's accepted that outsider criticism of econometrics is valid, including among econometricians. It's common to question the assumptions even if you don't understand the machinery. There's been a lot of it in particular about market modeling in the face of the subprime mortgage collapse, both from economists and non-economists. I'm also not sure why you keep blasting him for not using the word "multicollinearity", when he's talking about a fairly specific kind of hidden variable anyway, and one that you simply can't pluck out of small macro data sets ex nihilo especially in the face of the Lucas critique. For instance, in this blog post, http://ipeatunc.blogspot.com/2012/08/its-not-just-data-its-also-model.html http://ipeatunc.blogspot.com/2012/08/its-not-just-data-its-a... , a blogger discusses Milton Friedman's thermostat and then, in the comments, discusses deliberately leaving technical terms such as multicollinearity out of the post.