Is Economics a Science? - The American, A Magazine of Ideas - 0 views
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anonymous on 29 Nov 10"Economics aspires to be a science. But in this it does not succeed. Neither does finance. This despite the fact that there is an annual, optimistically named Nobel Prize in "Economic Sciences." Financial crises keep happening-the list is long. Could they be avoided if Economics and finance were science? To paraphrase financial observer James Grant: science is progressive, but finance is cyclical. But why should this be? Do we not learn from experience? Does economic knowledge not increase? And how about having computers, vast amounts of data and information, and new mathematical models to guide lending and investing decisions?"