Sharing for the discussion.

If what separates physics from economics in eyes of the scientific method is the inability to test hypotheses in the latter field, then this article goes some way in refuting that premise.

I'll go one further. Does anything that dogs economics as a scientific endeavor not dog medicine?

mk:

    Does anything that dogs economics as a scientific endeavor not dog medicine?

Yes. Whereas biological systems evolve slowly enough such that what worked treating my grandfather will likely work upon me, economic theories are based in environmental contexts that can shift dramatically over time, and significantly alter the outcome.

That's not to say that economic experiments aren't informative or worthwhile, but there are political, technological, and cultural influences that make the results less generalizable.

Economics is a soft-science. Medicine is far less soft, because it is based upon biology, which is much harder.


posted 2785 days ago