Saturday, March 2, 2013

Econometrics and the Automobile

Jeff Wooldridge, author of the leading econometrics text, sent along this missive. Perhaps Cengage Learning should enter into negotiations with a major automobile manufacturer to include a copy of Jeff's text in the jack compartment of every new automobile.
From Dr. Wooldridge Himself:
Now I have heard/seen it all. Doug Steigerwald, a U.C. Santa Barbara professor, whom I've know for many years, sent me the photo below. It was taken by his brother-in-law, who stopped to help his friend change a tire. The wheel was rusted on. The friend happened to have an econometrics book in his car -- this being several years after graduating from college. The book was used to protect the wheel... and a large piece of cement was used to knock the tire loose. As Doug's brother-in-law said, "Econometrics really does have lots of applications."
Good thing that in the 4th edition I added that section on changing car tires in various environments. A good general rule is, "Have a copy of Wooldridge with you at all times." Kids, let that be a lesson.

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