Theoretically, yes it is falsifiable. If you had sufficient data about a system you could perfectly forecast micro- and macroeconomic results.

Now, is it testable? Only in a very limited sense. You can suss out trends in a decently empirical way, but because you're working with independent agents you can't really get sufficient data to obtain rigorous results.

Economics is not unlike high energy physics in these respects. You can move the needle in legitimate ways, but there are very hard restrictions that make it more difficult to make rigorous observations.

When people are proven wrong, does the conversation move forward, or do large swathes of people grip onto their beliefs anyway?