Economics Is Not A Science - agree with
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Economists have faced a deluge of negative press in the past few years, ranging from criticisms over the failure source forecast the financial crisis, to the more recent disbelief over the granting of the Nobel Prize in Economics to three economists, two of whom hold views that can be said to be polar opposites. Indeed, the reputation of mainstream economics—specifically macroeconomics—is arguably at its worst since the formation of the field in the s, with the advent of the Great Depression.
Let me preface this by Economics Is Not A Science that I am concentrating in economics, and have the utmost respect for the field.
While the two are intrinsically related, the methods of experimentation are so drastically different that the two can hardly be subject to the same criticisms. Economic is the natural world. But what is the building block of economics? Economics does not study any unit smaller than a collection of people.
And human behavior can never be absolutely predicted or explained—not if we wish to believe in free will, at any rate. In fact, in a strict sense, economics does not even follow the scientific method.
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Engrained in the scientific method is the process of testing hypotheses with repeatable, falsifiable, and parameter-controlled experiments. Unfortunately for the field of economics, there are certain non-trivial barriers to experimentally tanking the Czechoslovakian Economics Is Not A Science over and over while controlling for interest rate levels. Oftentimes, the best economists can do is sit back and pore through the data given to them—data that is muddled by changing cultural standards, changing technological innovations, and changing time periods, among other factors.
All of this is not to say that I disapprove of economics, or think it illegitimate in any way—quite the opposite, actually. I believe that economics is a crucial field that directly impacts most everyone on this planet, perhaps more so than any other subject. On the on the Ie hand, ill-timed economic austerity measures in Britain caused a very real, and very noticeable Sckence nearly immediately, setting the backdrop for the London riots.
Economics is not a science in the way that physics or chemistry is a science. Yet, this is not something to be lamented.
A scientist' reaction to Economists' study of Scientists
Economics is not, and will never be, at the stage where models can precisely predict the day on which a financial crisis will start before it happens, but this is not due to Economics Is Not A Science lack of Iz of the field; instead, it is due to the inherently unpredictable sphere of study in which economics operates.
People are not atoms—and this is exactly why economics is immediately relevant. What this means is that all of us—and the press in particular—should cease treating economics as though it were a science. We need to understand that economics is attempting to neatly model a very messy world. Do not expect clean answers. Alan Y. Want to keep up with breaking news? Subscribe to our email newsletter.
News Anthropology Dept. By Alan Y. Tags Op Eds.]
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