What they said is actually totally reasonable. People (particularly economists) treat economics as though it’s a hard science akin to physics or chemistry, but it’s a soft science. They gave David Card a nobel in economics for figuring out a way to actually test hypotheses some of the time. In 2021.
The global financial crisis was a huge surprise to most economists and is basically the #1 example of the field not having any predictive power, something you generally want from a hard science.
Sure. I guess this falls under ‘natural experiments’ which is what David Card got his nobel for, figuring out how to test hypotheses some of the time. Now try and do peer review on that result.
“While I find the methodology highly suspect and the ethics abhorrent, my biggest objection to the analysis is that the author seems to be drawing a positive conclusion from a clearly null result.”
Except in terms of predictive power it’s just barely more successful than random chance. As a discipline it’s still largely in its most primitive stage, and still full of unproven and largely hypothetical assumptions that amount to little more than idle musings and superstitions. It’s so full of holes it’s just slightly more rigorous than pseudoscience. Perhaps in 100 years it will develop into a more respectable discipline, but at this stage it’s at best a tool for short term modelling and post hoc analysis.
Economics is the social control mechanism that filled the void vacated by religion after the enlightenment.
Finance replaced mythology.
Banks and financial institutions replaced churches and cathedrals.
Economists replaced the clergy.
GDP replaced God.
Mathematics is the foundation of reality, accounting is a selective subset of mathematics.
Economics is functionally religion that wears a tattered robe of finance which is patched with parts of accounting that economists find useful to support the doctrine of their particular model.
Like religion, economics can prove useful for a society, but similarly it has no intrinsic legitimacy imposing influence on or over those who don’t willingly and non-coercively subscribe to its narrative.
in my experience, Econ education is the study of a single economic system - capitalism. Did they ever discuss alternative socioeconomic systems or simply say ‘state ownership = bad’?
No not my major - my experience was just econ 101 but I like reading about economics in my free time, and it seemed like econ 101 at my US university should have been called Capitalism 101. My comment was moreso to see if that changes at later stages in the economics-major program.
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What they said is actually totally reasonable. People (particularly economists) treat economics as though it’s a hard science akin to physics or chemistry, but it’s a soft science. They gave David Card a nobel in economics for figuring out a way to actually test hypotheses some of the time. In 2021.
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Give me examples of economists coming up with hypotheses and then building experiments to test them.
The 2008 financial crisis?
The global financial crisis was a huge surprise to most economists and is basically the #1 example of the field not having any predictive power, something you generally want from a hard science.
I mean, that’s an experimental result. It’s not a positive result, but it is a result.
Sure. I guess this falls under ‘natural experiments’ which is what David Card got his nobel for, figuring out how to test hypotheses some of the time. Now try and do peer review on that result.
“While I find the methodology highly suspect and the ethics abhorrent, my biggest objection to the analysis is that the author seems to be drawing a positive conclusion from a clearly null result.”
Where’s the flaw in my comment?
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Except in terms of predictive power it’s just barely more successful than random chance. As a discipline it’s still largely in its most primitive stage, and still full of unproven and largely hypothetical assumptions that amount to little more than idle musings and superstitions. It’s so full of holes it’s just slightly more rigorous than pseudoscience. Perhaps in 100 years it will develop into a more respectable discipline, but at this stage it’s at best a tool for short term modelling and post hoc analysis.
deleted by creator
Economics is the social control mechanism that filled the void vacated by religion after the enlightenment.
Finance replaced mythology. Banks and financial institutions replaced churches and cathedrals. Economists replaced the clergy. GDP replaced God.
Mathematics is the foundation of reality, accounting is a selective subset of mathematics.
Economics is functionally religion that wears a tattered robe of finance which is patched with parts of accounting that economists find useful to support the doctrine of their particular model.
Like religion, economics can prove useful for a society, but similarly it has no intrinsic legitimacy imposing influence on or over those who don’t willingly and non-coercively subscribe to its narrative.
in my experience, Econ education is the study of a single economic system - capitalism. Did they ever discuss alternative socioeconomic systems or simply say ‘state ownership = bad’?
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No not my major - my experience was just econ 101 but I like reading about economics in my free time, and it seemed like econ 101 at my US university should have been called Capitalism 101. My comment was moreso to see if that changes at later stages in the economics-major program.
deleted by creator