Why Economics Is Not A Science

August 10, 2014

“I have thoroughly investigated the evidence regarding welfare benefits and unemployment and found no connection, yet many economists still claim increasing welfare will increase unemployment. The economic crisis should have lead to a serious rethinking of economics, yet it is depressing to think of how little has changed. A subject which still teaches that markets are efficient even after they spectacular implode cannot call itself a science or claim to be evidence driven.”

Whistling In The Wind

Economists like to pride themselves on their job and how scientific it is. Politics might be full of emotional rhetoric and unthought out ideas, but economists rely solely on cold hard facts. Flicking through my old textbooks, I see many references to “thinking like an economist” where we were supposed to cast aside fallacies and view the world with a rational and scientific eye. If only it were so. In reality, economics lacks the basis in real world evidence, the scientific method, and predictive power to be considered a science and is instead a highly politicised topic.

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