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Economics is fundamentally not science. I don't mean to devalue it as a discipline, but it is incorrect to call it science for a pretty simple epistemological r
by kelseyfrog 4y ago
Economics is fundamentally not science. I don't mean to devalue it as a discipline, but it is incorrect to call it science for a pretty simple epistemological reason.
Science depends upon the reproducibility of experiments. This means if I perform an experiment twice, then the second experiment (up to relativity) is done in the context of the experiment having already been done once, so the outcome of these experiments can be thought of as a fixed point of performing applying the have-done-the-experiment context (often with respect to all other experiments). Science is made up of these fixed points, which we can think of as the "set" of properties of the capital-W World.
Fundamentally, however, what it means to observe the outcome of an experiment, is to be able to condition your economic decisions upon that outcome, so if your own economic decisions are the thing that you are observing, there aren't necessarily any fixed points of this process.
- ramblenode 4y agoMy view is that science isn't a homogeneous thing, just a bunch of different tools and concepts that are useful for investigating the natural world and making predictions about it. If you require science to be a reproducible experiment then you exclude much of the hard sciences of astronomy and geology while still permitting the softer science of behavioral economics.
- rapjr9 4y agoOne aspect of reproducibility is the ability to make predictions. It means that theory (economic models) matches reality and it is here that economics has a long record of failures. "Economists have predicted nine of the last five recessions" is a very old joke that is still true.