SoylentNews is people
SoylentNews
from the how-bad-can-something-called-the-dismal-science-be? dept.
An Anonymous Coward writes:
Economics affects us all, so why do so many remain ignorant of the fundamentals? Murray Rothbard said: "[I]t is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance."
Personally I'm tired of having to defend economics against both the mainstream advocates (with their broken models) and their critics (who tar economics with one brush). I take the time to educate myself and speak out, based on reason, not angry ignorance, and not on smugness, numerology, and appeals to the authority Lord Keynes.
There is a deep-seated tendency for people to misapply physical science techniques to the social sciences. This has resulted in mainstream economics degenerating into a modern day numerology. However there are intellectually sound schools of economics that do not attempt to treat human actions like Newtonian atoms.
This article from The Mises Institute discusses how and why mainstream economics has lost its way.
(Score: 0) by Anonymous Coward on Monday December 19 2016, @09:47PM
There is a deep-seated tendency for people to misapply physical science techniques to the social sciences. This has resulted in mainstream economics degenerating into a modern day numerology. However there are intellectually sound schools of economics that do not attempt to treat human actions like Newtonian atoms.
Science: a method of procedure that has characterized natural science since the 17th century, consisting in systematic observation, measurement, and experiment, and the formulation, testing, and modification of hypotheses.
If you cannot:
* Observe
* Measure
* Formulate Hypotheses
* Experiment (Falsification Test)
* Replicate results
* Modify hypothesis
* Accurately Predict based on new Model
* Agree on procedures for the above.
* Start back at square 1 as necessary
It ain't science.
Economics always fails on the Falsification Testing and Predicting based on model. Always. There is no uniform agreement among economists about what procedures will produce scientifically reproducible results. Therefore, it ain't science. It is the equivalent of phrenology, astrology, or numerology.
Stop trying to call it what it isn't and both you and I will be much happier, thanks.
(Score: 0) by Anonymous Coward on Tuesday December 20 2016, @05:16PM
'Economics' is the elevation of 'suck it and see' to a science.