The work by Hirschman ([1974]) has long been seen as seminal in the development of econometrics.
In his seminal article, Hirschman discusses the issue of uncertainty in statistics and its impact on economic analysis.
He argues that, due to the inherent uncertainties in data, economists must be particularly careful when making predictions or making inferences about economic behavior.
This is particularly important when attempting to apply theories derived from a single study to a wider population.
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