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There is no hope, as far as I can see, of pushing the postulates of economic theory back to a set of irreducible axioms.

— Richard Stone

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Econometrics may be defined as the quantitative analysis of actual economic phenomena based on the concurrent development of theory and observation, related by appropriate methods of inference.

A choice may have to be made between a biased estimator which is believed to be relatively accurate and an unbiased estimator which is demonstrably highly inefficient, and it is by no means obvious that the latter is always to be preferred.

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Quote text and notes from Wikiquote: Richard Stone (page history), available under CC BY-SA 4.0. Source quality and labels are our own summary of what Wikiquote records.