I suppose if your estimator is biased and not consistent -- due to some sort of omitted variable -- you can end up with "significant" estimates that are complet

I suppose if your estimator is biased and not consistent -- due to some sort of omitted variable -- you can end up with "significant" estimates that are completely removed from reality. Great explanation at http://eranraviv.com/blog/bias-vs-consistency/ http://eranraviv.com/blog/bias-vs-consistency/.