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"Economics is not based on solid science" Pretty broad statement. Some micro-economic theories, like the game theoretic models in auction theory, contract theo
by zwaps 8y ago
"Economics is not based on solid science"
Pretty broad statement. Some micro-economic theories, like the game theoretic models in auction theory, contract theory, mechanism design and behavioral economics are probably the most successful, accurate and impactful theories in all of social sciences, including psychology.
You may not realize how much your buying behavior, your salary, your interactions online and your use of technology are dependent on these models.
But comparing their success and use to fields like sociology, management and even psychology, their track record is frankly amazing.
We already know that Macroeconomics amounts to modeling systems that do not aggregate meaningfully from these successful micro-models.
Saying economics is not a science based on this, is like saying physics is not a science because we still can not find a unified theory. Which is a pretty good analogy for a Macroeconomic model that forecasts GDP (aka, everything).