Sunday, May 15, 2016
"The Most Scientific of the Social Sciences"?
"What is the basis of this collective faith, shared by universities, presidents and billionaires? Shouldn't successful and powerful people be the first to spot the exaggerated worth of a discipline, and the least likely to pay for it?
"In the hypothetical worlds of rational markets, where much of economic theory is set, perhaps. But real-world history tells a different story, of mathematical models masquerading as science and a public eager to buy them, mistaking elegant equations for empirical accuracy."
Alan Jay Levinovitz in Aeon argues that economists "confuse math with science."