3 ms·
> Then there are are the fair, neutral, unbiased economists who disagree with Piketty, who are only motivated by the search for the truth. There is no such th
by Mikeb85 11y ago
> Then there are are the fair, neutral, unbiased economists who disagree with Piketty, who are only motivated by the search for the truth.
There is no such thing as truth in Economics. There's not even a defined goal. Creating a mathematical model of how 7 billion people behave in a global economy is impossible.
You're always going to have to simplify your model enough for it to be useful, as the expense of something. That compromise is your bias. Economists always make assumptions about something, and those assumptions are always driven by some sort of world view.
Not to mention, the other part of economics is deciding what policies or actions should be taken. Do you optimize for economic growth? For happiness? To reduce inequality? To eliminate poverty? Maximum employment?
Other sciences describe things which can be replicated, or things which are (more or less) concrete. Economics can't be a concrete, truthful science because people are react to their environment, which is ever changing and will never be the same at 2 points in history. And everything affects human behaviour, from the weather to things like religion which aren't exactly concrete...
- deleted 11y ago[deleted]
- marcoperaza 11y ago> Not to mention, the other part of economics is deciding what policies or actions should be taken. Do you optimize for economic growth? For happiness? To reduce inequality? To eliminate poverty? Maximum employment? And if that's not difficult enough, you have to assign time-values to all of these. E.g. reducing inequality today might lower growth in 20 years. It's not called the dismal science for nothing.