> The mainstream camp however, thought otherwise and most of the world followed their advice.
Not the mainstream -- a vocal minority. Ordinary Macro 101 textbooks predicted the consequences of the policies in the the US and Europe pretty accurately.
Not the mainstream -- a vocal minority. Ordinary Macro 101 textbooks predicted the consequences of the policies in the the US and Europe pretty accurately.
Most people who say "econ is not a science" have had little to no experience with people who conduct economics as a science. I understand the cargo-cultists and pundits are much louder voices, but someone good at "science" shouldn't lazily examine the most shallow voices and use that to conclude deep things about a field of study.
There's cargo cult science, and then there's cargo cult scientific criticism.
This is ridiculous. Economies recover from recessions and "Macro 101" people claim victory. But economies recover from recessions if you do nothing. Or you implement austerity measures.
>Most people who say "econ is not a science" have had little to no experience with people who conduct economics as a science.
People who "conduct economics as a science" have little or no connection to reality. They have grossly oversimplified models that fail to make meaningful predictions and congratulate themselves on the accuracy of their models in the complete absence of evidence.
Talk about cargo cult science. Economics isn't a science. It's just a way to fit the world into your political template.