Sunday, November 06, 2011

Economics as pseudo-science


The Globe and Mail has a substantial article on how the pretentions of economists to be scientists and practitioners of a purely math-based discipline have helped bring us to the current disaster.

A former colleague at my university warned me  about this 20 years ago.  He said the leading economics department he had trained in was abandoning economic history entirely.  Indeed it was abandoning economics. When they recruited grad students, they ignored graduates from their own bachelor program in favor of the best math graduates they could get.  Such was their faith in abstract mathematics.

Image: borrowed from http://kaihaanj.com/

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