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View Diary: The Most Important Economic Theorem You've Never Heard Of (174 comments)

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  •  You lost me at "science" (3+ / 0-)
    Recommended by:
    happymisanthropy, Word Alchemy, KJG52

    Just kidding...I read your whole post.

    But I think a lot of the problem is that we treat economics as a science. It ain't. We talk about the "law" of supply and demand. We draw graphs and describe equations.

    But the graphs never have real numbers on the axis and the equations never match any real-world data.

    •  Economics (5+ / 0-)

      could be a science, and in fact does have aspects of scientific inquiry that crop up in surprising places.

      All the pieces are there for real scientific inquiry to take place, and when people operate scientifically in the field of economics they tend to make a lot of money...

      (Side note about an acquaintance with a strong background in classical, neo-classical, and marxist economic analysis... he makes tons of money in the commodities markets using his own personal, scientifically tested models of behavior...)

      It's when economics takes on religious overtones that disaster strikes...

      The only way to ensure a free press is to own one

      by RedDan on Fri Oct 14, 2011 at 10:04:02 AM PDT

      [ Parent ]

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