Is Economics a Science?
10th November 2010
Economics aspires to be a science. But in this it does not succeed. Neither does finance. This despite the fact that there is an annual, optimistically named Nobel Prize in “Economic Sciences.”
Financial crises keep happening—the list is long. Could they be avoided if economics and finance were science? To paraphrase financial observer James Grant: science is progressive, but finance is cyclical.
November 10th, 2010 at 13:11
As alchemists found out in the middle ages, people will pay you to search for a way to produce gold without any of the actual work required to produce gold. All you really need are good excuses when it fails and a sales pitch for how good it’s going to be when it works.
November 12th, 2010 at 13:47
Hmh, if you sub politician for alchemist and social justice for gold …