"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.
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2 comments:
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.
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.
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