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I'm not sure as to what defines a field as "science" nor do I found it a very interesting question. What I do find interesting is the desire to apply the scient
by wuliwong 13y ago
I'm not sure as to what defines a field as "science" nor do I found it a very interesting question. What I do find interesting is the desire to apply the scientific method in economics.
The issue comes with the "testing" portion of the method. One is unable to setup economic experiments to perform these tests. Economists can make claims about historical events but they must a priori decide which data to ignore and which to include in their analysis. Things like this lead to two seemingly cogent, logical analysis of the great depression with one concluding that the Fed was the cause of the depression and another claiming it to be the savior. They both may have sound logic but their a priori assumptions were different.
In physics, you rarely have this scenario as experimentalists can setup artificial testing situation where they have control over how variables change. They can systematically change variables and observe the effects. A great deal of the work in physics goes into the explanation of the magnitude of effect variables have on results, largely to justify why certain effects can be ignored.
Ludwig von Mises wrote extensively about the problem attempting to apply the scientific method economics. He felt economics was fundamentally different from a field of study such as physics. I tend to agree with this. Side note, I have a Ph.D. in physics and am just an amateur economist. :)
- dreamdu5t 13y agoI think, at the least, it's extremely disingenuous of contemporary economists to act as if this is not the case and that there aren't serious epistemological issues to reconcile in their field.