This collection of essays investigates whether econometrics functions as a rigorous scientific discipline or an unreliable practice akin to alchemy. David F. Hendry, a prominent figure in the field, draws upon decades of research to critique traditional modeling practices. He argues for a systematic approach to econometric methodology, emphasizing the necessity of robust testing and the integration of computer-automated modeling to improve empirical reliability.

Experts recognize this work as a foundational text for understanding the evolution of econometric methodology and the shift toward automated modeling. Readers frequently note the technical density of the prose, which is intended for advanced students and professional economists.