September 19, 2015

Economists vs. Economics

Comment on Dani Rodrik on ‘Economists vs. Economics’

Blog-Reference

The diversity of contradicting economic models is the very proof that economics is a failed science. Everybody knows by now that clueless model bricolage is simply a ridiculous exercise or what Feynman aptly called cargo cult science: “They're doing everything right. The form is perfect. ... But it doesn't work.” (Wikipedia)

Economists never grasped what science is all about. What the insiders of the profession think of their dilettantish constructs is just as irrelevant as what the busy producers of epicycles thought of their geocentric paradigm.

Science is defined by material and formal consistency. Economics fails on both counts. There is no way around Joan Robinson’s conclusion: Scrap the lot and start again.

Egmont Kakarot-Handtke