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Old 08-29-2011, 08:56 PM  
Taco John Taco John is offline
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Just a reminder: Economics is not a science

With all this noise from Krugman about economics being a science, I thought it important to remind Krugman and his acolytes that economics is not a science, even though Krugman likes to play dress-up as a "scientist."

-----------------------------------------------------

Economics is not science, it's a technology of social science


Economics is an artifact of human imagination, and the agreement among certain humans who "play the games" together -- thereby it is a social technology. There is no underlying physical reality other than what is identified by the players to be components. Granted, the interactions within the system may be complex, and the economic properties are determined by what people study. Nevertheless, in the economic properties are determined by and limited only by the beliefs of the "players." To build economic models one must assume certain features, and the models become part of the generators of the results. Since they are not inherently tied to the physical and biological realities, they may fail arbitrarily as the physical and biological world view of humans change -- or as people believe the physical and biological world exists. Economics in large part reflects human belief systems. When physical and biological constraints become seriously constrained for humans, economics becomes irrelevant, the game ends.

http://www.sbs.utexas.edu/resource/o...NOTscience.htm
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Old 08-29-2011, 09:08 PM   #2
Jenson71 Jenson71 is offline
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It seems fairly scientific.
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Old 08-29-2011, 09:12 PM   #3
orange orange is offline
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You mean the Invisible Hand is a myth?
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Old 08-29-2011, 09:35 PM   #4
BucEyedPea BucEyedPea is offline
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Quote:
Originally Posted by orange View Post
You mean the Invisible Hand is a myth?
No, that's what Krugman thinks.
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Old 08-29-2011, 09:39 PM   #5
Jenson71 Jenson71 is offline
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Quote:
Originally Posted by BucEyedPea View Post
No, that's what Krugman thinks.
No, he doesn't.
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Old 08-29-2011, 09:42 PM   #6
patteeu patteeu is offline
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You mean the Invisible Hand is a myth?
I don't think it means that. But I do think it means that "bubbles" are myths. Or maybe a better way to say it is that they only become real bubbles in hindsight after someone convinces enough people that there's a bubble.
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Old 08-29-2011, 09:42 PM   #7
BucEyedPea BucEyedPea is offline
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Well then, that's what orange thinks. But lefties like Krugman generally do diss the IH.
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Old 08-29-2011, 09:43 PM   #8
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Bubbles are real. We came out of one in 2007 ---> 2008.
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Old 08-29-2011, 09:45 PM   #9
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Quote:
Originally Posted by BucEyedPea View Post
Bubbles are real. We came out of one in 2007 ---> 2008.
Economics isn't a science. It's emotion and expectation.
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Old 08-29-2011, 09:46 PM   #10
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Originally Posted by BucEyedPea View Post
Well then, that's what orange thinks.
No, it's not. I guess. Since I'm not sure what you're referring to.

I believe strongly in the efficiency of capitalism and free markets to produce and distribute goods. Just like Krugman does.

I posed the question precisely for that reason... I'm waiting for him to explain that the capitalist model is not scientific and can easily be replaced by whatever we feel like today (referring to OP) with equal or better results.
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Old 08-29-2011, 09:47 PM   #11
Chocolate Hog Chocolate Hog is offline
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Patteeu is correct. Since theres no real value markets are based mostly upon confidence.
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Old 08-29-2011, 09:51 PM   #12
BucEyedPea BucEyedPea is offline
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Quote:
Originally Posted by orange View Post
No, it's not. I guess. Since I'm not sure what you're referring to.
Just what you asked. Although, it seemed more rhetorical.

Quote:
I believe strongly in the efficiency of capitalism and free markets to produce and distribute goods. Just like Krugman does.
That's a good for a laugh. He's a mixed-economy economist at minimum.

Quote:
I posed the question precisely for that reason... I'm waiting for him to explain that the capitalist model is not scientific and can easily be replaced by whatever we feel like today (referring to OP) with equal or better results.
It doesn't have to be scientific. He using the term as in hard science. It's social science...specifically a branch of ethics. Human action is well just human action. Oh and they have hands but they can be seen.
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Old 08-29-2011, 09:51 PM   #13
HonestChieffan HonestChieffan is offline
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Krug is becoming more comedic than serious. Now he is on a Global Warming anti Republican bunny trail. Fewer and fewer people are taking him seriously with his incessant moaning about more stimulus.

http://www.nytimes.com/2011/08/29/op...ence.html?_r=1
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Old 08-29-2011, 09:52 PM   #14
BucEyedPea BucEyedPea is offline
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Quote:
Originally Posted by HonestChieffan View Post
Krug is becoming more comedic than serious. Now he is on a Global Warming anti Republican bunny trail. Fewer and fewer people are taking him seriously with his incessant moaning about more stimulus.

http://www.nytimes.com/2011/08/29/op...ence.html?_r=1
He needs to get laid. That's why he has so much stimulus on his mind.
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Old 08-29-2011, 10:11 PM
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Old 08-29-2011, 10:12 PM   #15
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Just a reminder:

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