Why Economics is not a Science--a humorous exampleSubmitted by e_goldstein on Thu, 11/13/2008 - 23:20
Imagine, if you will, that physics had the same poor tolerances and accepted the same standards that economists do in their field. We would probably have the same inventions that we do now, but they would be slightly different. For example, we would have a wheel, but instead of it being round, the wheel would be square.
The physicists would congratulate each other and receive prices for improvements to, and new applications for, the square wheel. At the same time, if there were physicists or mechanical engineers who invented a round wheel, imagine the scorn that they would receive. Excuses would be made as to why the round wheel could not be adopted:
"The round wheels are recklessly fast and efficient, and inherently dangerous."
"If left unregulated, the round wheel could roll off on its own."
"I hear that all of the round wheel engineers and physicists are racist."
"in a round wheel world, those with square wheels are at a disadvantage. Now that no one is able to get anywhere, the square wheel has achieved unparalleled equality."
"If we try to move to a round world system, and the system fails, we may have to return to a system without wheels; thus, isn't it better to have wheels that don't function than wheels that don't exist?"
"If we were to move to a round wheel world, imagine the job losses in the square wheel economy."
"Since we have adapted the square wheel model, and have massively invested in the square wheels, we cannot allow American tastes to change in light of gravitational forces, which have always existed, but the consumer has never seemed to consider before. We cannot allow this due to how it would affect the square wheel manufacturers, and the square wheel pensioners if there was a decrease in square wheel demand."
"Look at the believers in the round wheel, although they accurately predicted the square wheel would be a completely catastrophic malinvestment of resources, they are all tinfoil hatters. They are like broken clocks who are right twice a day, they got lucky."
Nope, economics is not a science, not by a long shot.