Economics is not a science!

Reader comment on: Replicating Rogoff and Reinhardt

Submitted by Fast Eddie (United States), Apr 17, 2013 08:45

This episode is just one more nail in the coffin of those who believe that economics is a science rather than an art. Economists make up their premises from whole cloth and then rearrange the cloth to see what patterns they can devine. This nonsense was essentially begun by liberal economist Paul Samuelson, who went on during a long career to infuse mathematics into his analyses in order to appear more rigorous and scientific. The mathematical gymnastics surrounding the 'random walk theory' is a prime example of desperate attempts to wrap a nonsensical hypothesis with a thick veneer of formulas and then discredit any critics who challenge the veracity and applicability of the formulas to the real world.

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