Economics as a Science: A Bad Example

Yes, the old Keynesian Phillips curve was abandoned in the face of evidence. But while real business cycle theory has indeed been “invalidated by reality”, as far as I can tell it’s still going strong in freshwater departments.

The point is that while economics certainly did have some of the characteristics of a science three decades ago, you can make a good case that significant parts of the field have lost those characteristics since then.

From Economics as a Science: A Bad Example –

That’s the problem with faith based science. When invalidated by reality, they simply declare reality broken or the methodology used to invalidate tainted by socialists.

By Stable Genius

I am the very model of a Stable Genius Liberal.