Economics is not a science. Its predictions affect the data itself, which is like an astronomer’s observation of the Sun affecting the actual rotation of the Sun. It is very bad at predictions: 2008. Economists do not agree with each other to a degree that doesn’t exist in other sciences. Economics relies too much on “soft” fields like politics, sociology and history to be a science. Economics does not follow the scientific method –engrained in the scientific method is the process of testing hypotheses with repeatable, falsifiable, and parameter-controlled experiments. In other words, you can’t mess around with a country’s economy.

This doesn’t mean that Economists have nothing important to say. It is just that we ought to take their advice with a grain of salt.


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