Monday, February 9, 2015

Economics is NOT a Science, At Best it is a Religion

In a NY Times piece several supporters discuss the alleged value of Economics, as a science. One quote is:

Economic science is the foundation of sound policies and techniques in business and government.

 First economics is NOT a science. It cannot predict and it cannot be used by any practitioner in the way an engineer uses physics to design and build a bridge which will not collapse. Yes it is used to establish policies but policies based upon a belief set.

The next statement is:

Economics succeeds when used as a forensic tool, employing history and data, not creating unrealistic expectations. 

 Just what does even mean? Forensic so as to establish a cause? If it is not a science then how can it determine cause. If a science then it should reliably predict. It does not predict, its practitioners hardly even agree amongst themselves.

Then there is a quote:

Much of economic science is esoteric and preoccupied with internal struggles. Ideological divisions, exploited by politicians, defy clarity. 

Indeed, many economists have adopted the techniques of the theoretical researchers and although they may work in an engineering environment where science is verifiable in a Popperian manner it does not even come close with economists.

Bottom line, economists are mouths for political belief sets, they are religious tent preachers issuing threats of eternal damnation and seeking converts.