Republican economics ¬´ Real-World Economics Review Blog.
A study has revealed:
The more you study economics the more likely you are to be Republican and to hold free-market views.
I guess that's no suprise.
But it does show just how biased, opinionated and thoroughly normative economics is.
Prof Mike Devereux amongst others please note.
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It amazes me that, in an age when we have the prospect of the physical and biological sciences before us, anybody gives the time of day to what goes under the name of ‘economics’. Whereas the empirical sciences constantly progress, repeatedly come up with totally unexpected discoveries and provide the basis for technologies that our ancestors would have thought to be miraculous, economics seems to stagger round in a circle, the same old nostrums just dressed up in more and more esoteric mathematics. It resembles not so much a science as pre-scientific medicine – it has no predictive power, remedies based on its theories generally kill rather than cure, and any conceptual developments that contradict the ancient dogmas ignored, misunderstood or treated as heresy.
But for one thing, surely it would be better if it were treated along with such things as astrology, complementary medicine and the study of ley lines, its practitioners left to impress its devotees whilst the rest of us look on with derision and get on with our lives.
The one thing is that we all live in an economic system which impacts on us but of which we have virtually no scientific understanding. We are like dwellers in a medieval city, faced by recurrent outbreaks of the plague. Not only are we powerless against nature, but if we listen to the charlatans who claim medical knowledge and apply their remedies of bleeding, purging and self flagellation, we will make our condition so much worse.
I ask two questions:
1) is it possible to have an empirical science of the economic system (or systems) that is free of implicit moral or political judgements?
2) if this the case, why in God’s name are we not developing such a science, as we so clearly need it?
@Christopher Smith
No
It is not possible
That’s the only answer anyone can give
Human beings aren’t rational
That’s why
Richard
I’m afraid I have to agree with you – I lost my faith in the possibility a social science – a proper science that is – about 35 years ago – but I still live in hope!
@Christopher Smith
Snap!
I know a scientist who is writing an economics book from first principles. I just hope he produces it soon – we’re in desperate need.