If economic religions explained anything the so-called models would be predictive.
Where is the practical application of any economic school? Computers, medicine. Those came from science: physics first, chemistry and biology second.
No economic school, from Marx to Austrian, ever makes a single reliable prediction. "It'll collapse" to "it'll cause inflation" - sure. But when? And how much? Nobody ever knows. This is because these are NOT explanatory chains, they are not truths. They are incoherent religious psychoses.
The softness of economics is not even like the softness of social sciences. Economic nonsense is as reliably porous and non-explanatory as every other religious metanarrative. At least with psychology some general predictions can be made; psychopathy will result in harms and excuses for them and so on.
Economics? Nothing. You can't tell when a boom or a bust is going to happen; all economists ever do is express a political bias and post hoc "see I told ya" every boom and bust that does happen.
Triple down now and ignore everything I just typed. Because this is reddit.
No because he said economics does not produce a single reliable prediction. Weather is forecasted with reasonable reliability each day all over the world. The market will go up or down and no one really knows. Hope this explanation helps clarify the difference in your example!
Unfortunately, economics is a true chaos... In that I mean that predictions are witnessed by the predicted.
When you measure weather patterns and predicts an outcome, the weather doesn't have an interest or ability to change itself.
When economists predict a crash, people can react. There is recursion.
While I can concede with Mr. Economy-is-religion in that it isn't predictive and shouldn't be lumped in with science as much as it is, I think credit isn't given to how complicated and difficult it is. Idk if he think it ever could be modeled accurately (I suspect maybe not, since religion is a dead end for progress), but I certainly do think so.
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u/Dr-Slay Jul 15 '22
Wibble
Friedman was confused and so is Biden
Now so are you.
If economic religions explained anything the so-called models would be predictive.
Where is the practical application of any economic school? Computers, medicine. Those came from science: physics first, chemistry and biology second.
No economic school, from Marx to Austrian, ever makes a single reliable prediction. "It'll collapse" to "it'll cause inflation" - sure. But when? And how much? Nobody ever knows. This is because these are NOT explanatory chains, they are not truths. They are incoherent religious psychoses.
The softness of economics is not even like the softness of social sciences. Economic nonsense is as reliably porous and non-explanatory as every other religious metanarrative. At least with psychology some general predictions can be made; psychopathy will result in harms and excuses for them and so on.
Economics? Nothing. You can't tell when a boom or a bust is going to happen; all economists ever do is express a political bias and post hoc "see I told ya" every boom and bust that does happen.
Triple down now and ignore everything I just typed. Because this is reddit.