Vladimir_Nesov comments on The usefulness of correlations - Less Wrong
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A correlation of 0.6 is a bad measurement, period. It does not become a good one for want of a better.
I don't know what you mean by "analysing" a correlation, but this is some of what they did do.
I could have mentioned epidemiology in my intro. The reason it depends on statistics is that it is often much more difficult to discern the actual mechanism of a disease process than to do statistical studies. Googling turns up this study which is claimed (by the scientist doing the work) to be the very first demonstration of a causal link between smoking and lung cancer -- in April of this year (and not the 1st of the month).
But the correlations remain what they are, and it still takes a lot of work to get somewhere with them.
A bad measurement can still be the best there is.