Economy Is Not a Science
Speculations by Stefan Stenudd
What has the economic “science” at all accomplished? Has it found laws for how the economy works, so that they can predict future economic events? No. Have they been able to perform repeated experiments with foreseeable results? No. Do they agree on fundamentals of how the economy works in society or parts thereof? No.
What they do is to present pure theories, one after the other, and fight for them to be applied to society and its economy, although they can't prove what will be the outcome. It's like treating a disease with a medicine never before tested.
Actually, I am sure that the so called science of economy is partly responsible for the financial world behaving like a sinus curve run amok. When this or that theory is applied to society, that's when it starts to go downhill. And the countermeasures are equally unsure.
I think they should skip that prize, at least until economy is able to prove that it has achieved scientific solidity. By the way, my opinion on psychology is similar, but it has no Nobel Prize.
Thomas J. Sargent and Christopher A. Sims got their prize "for their empirical research on cause and effect in the macroeconomy." Good luck with that. Would Aristotle buy it?
December 9, 2011
My Other Websites
CREATION MYTHSMyths in general and myths of creation in particular.
TAOISMThe wisdom of Taoism and the Tao Te Ching, its ancient source.
LIFE ENERGYAn encyclopedia of life energy concepts around the world.
QI ENERGY EXERCISESQi (also spelled chi or ki) explained, with exercises to increase it.
I CHINGThe ancient Chinese system of divination and free online reading.
TAROTTarot card meanings in divination and a free online spread.
ASTROLOGYThe complete horoscope chart and how to read it.
MY AMAZON PAGE
MY YOUTUBE AIKIDO
MY YOUTUBE ART
STENUDD PÅ SVENSKA
I'm a Swedish author of fiction and non-fiction books in both Swedish and English. I'm also an artist, an historian of ideas and a 7 dan Aikikai Shihan aikido instructor. Click the header to read my full bio.