Harsh words from Arnold Kling from Mercatus Center at George Mason University on Macroenomometrics.
Applying macroeconometric models to questions of fiscal policy is the equivalent of using pre-Copernican astronomy to launch a satellite.
[Macroenomometrics] give policy makers the illusion of precise control over the economy, based on methods that are no more reliable than soothsaying or entrail-reading.
“Macroeconometrics: The Science of Hubris” by Arnold Kling at Mercatus Center, George Mason University published in Critical Review, Volume 23 (1-2).
A shorter version ”The Soothsayers of Macroeconometrics”
”Applying macroeconometric models to questions of fiscal policy is the equivalent of using pre-Copernican astronomy to launch a satellite.
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In 1976, Robert Lucas suggested that economic behavior could respond to policy changes in ways that would cause macroeconometric models to make systematic errors. Lucas was awarded a Nobel in 1995. It has since become standard in economic research that empirical work must be able to…
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Utopia, you are standing in it! 
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