Wednesday, January 17, 2007

The Problem with Economics

"Science is prediction, not explanation" - Fred Hoyle

All to often, economics explains, but doesn't predict.

Yes, it's extremely difficult, and yes economics bods can be quite intelligent - but mostly economic research degenerates to ex post explanations.


DeniCaa said...

i consider economics more as art than science. there's no definite answer to a problem, rather those who called themselves economists guessed what they think is happening based on what they know.

johnorford said...

well, you are kinda right, what economists do is give definite answers within a simplistic well defined "economic" reality.

it is definitely a science tho, it's just that it's a social science - and those sciences are much tougher than physical sciences.