The 10 Commandments of Applied Econometrics

A few posts ago, datacharmer gave a plug for Peter Kennedy's outstanding econometrics textbook. To follow up that plug, this is a paraphrased version of Kennedy's 10 Commandments of Applied Econometrics, a recipe for good research:

1. Thou shalt use common sense and economic theory
2. Thou shalt ask the right question
3. Thou shalt know the context
4. Thou shalt inspect the data
5. Thou shalt not worship complexity
6. Thou shalt look long and hard at thy results
7. Thou shalt beware the costs of data mining
8. Thou shalt be willing to compromise
9. Thou shalt not confuse statistical significance with substance
10. Thou shalt confess in the presence of sensitivity