As an electrical engineer and a scientist, I can state with confidence that economics is not a science. If you ask three economists a question, you’ll get three different answers. The three answers will be opinions driven by the economists’ ideologies. The answers will ignore the relevant multidisciplinary literature. The answers will ignore the relevant economics literature that challenges the answers. The answers will arise from studies that fail basic requisites of the scientific method, e.g., they will implicitly assume that alternative causes do not exist. The empirical methodology used to support the answers will often be so biased that it seems to support answers that are the opposite of reality. The economists frequently water board their data until they seem to confess the answer that comports with the economist’s dogmas. All three answers are wrong, horribly wrong. The policies that the economists recommend on the basis of their ideologies and tortured data are often destructive and they breed complacency by assuming away critical risks. The policies that the economists recommend often produce unanticipated consequences that prove even more destructive. The economists are blind to conflicts of interest and eagerly seek out such conflicts to enrich themselves. The economists are blind to ethics, even disdainful of it. The economists will rarely admit that they were wrong and reconsider their dogmas.
Posted on: Mon, 07 Jul 2014 23:56:31 +0000
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