DON'T PANIC! The core methods in today's econometric toolkit are linear regression for statistical control, instrumental variables methods for the analysis of natural experiments, and differences-in-differences methods that exploit policy changes.
This is the refrain of Joshua Angrist and Steve Pischke in the preface to their new book: "Mostly Harmless Econometrics". A preview is available here. My econometrics professor, Paul Devereux, tells me that there are many references throughout to the Hitchhikers Guide to the Galaxy. There is also a range of "Mostly Harmless" t-shirts for sale; see below for a sample!
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