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Monday, April 22, 2013

Economics Is Not A Real Science

I have paid attention to the debate between Austerity and Stimulus, particularly recently when it has been discovered that an important study used to support Austerity has been shown to have some errors. The authors of the work say that it is minor, the opponents say it is a distortion that has more important consequences.

If it were physics, I would not wish to launch a Mars mission based on it.
I think the lives and economic well-being of the citizens of the countries around the world are as important and valuable as any scientific effort using physics.
I mean, it is tantamount to relying on a compass to orienteer myself out of a wilderness, all the while carrying a powerful electro-magnet in my backpack.

Economics is Faith based on Meditation of Material Things, with Mathematics thrown in.



Or, as Schumacher says in A Guide For The Perplexed, Economics would be a descriptive science...

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