Why Economics Is Not A Science

Economists like to pride themselves on their job and how scientific it is. Politics might be full of emotional rhetoric and unthought out ideas, but economists rely solely on cold hard facts. Flicking through my old textbooks, I see many references to “thinking like an economist” where we were supposed to cast aside fallacies and view the world with a rational and scientific eye. If only it were so. In reality, economics lacks the basis in real world evidence, the scientific method, and predictive power to be considered a science and is instead a highly politicised topic. Continue reading “Why Economics Is Not A Science”

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How Economics Should Be Taught

On this blog I criticise mainstream economics and how it is taught in colleges a lot. In fact that’s one of my main aims with the blog. However, rather than just always criticise and say how things shouldn’t be done, today I would like to put forward a few proposals. Now to list everything that should be taken out of economics would take many, many posts, so this will be a short general overview. It should also be said that the economics curriculum is in dire need of reform (and there are encouraging signs that a growing number of people realise this). For example, my lecturers would tell me that we could buy editions of textbooks either from before or after the 2008 recession; there was no real difference between them. When the greatest crisis in decades doesn’t cause any serious review, then you know we have a problem. Continue reading “How Economics Should Be Taught”