Re: The Prize by Any Other Name

[Sven R Larson <larson@xxxxxx>]

"Henry C.K. Liu" wrote:
>
> Barkley,
>
> Economics has more in common with theology than science.  Science requires
> fidelity to reality, albeit the perception of reality is affected by scale and
> perspective.  Nevertheless, science proceeds from observation to conclusion.
> Theories of economics are mostly mental constructs while economics reality is
> governed by political regimes that keep corresponding theories valid. When
> theory conflicts with reality, economists can remain attached to their theories
> by proclaiming reality to be at fault.

This is a very a-historical statement. The scientific revolutions were
thwarted for a long time by political interests who instead directed
research such taht it would corroborate certain political ideas. Whether
those politicians were kings or men of the church is ephemeral.

> All this was amusing but relatively harmless, until a time came when economists
> began to play critical roles in the formulation of government policy, and the
> appropriateness and validity of different policies are argued on the basis of
> economic theories.

Again, politically induced misdirection of sciences like medicine and
physics took a heavy toll on countless generations.

> Thus a whole string of unnatural concepts such as the
> natural rate of unemployment, the myth of scarcity,

MYTH of scarcity?? I want a Corvette badly, but they won't give me one.
How come if scarcity is a myth?

/srl

--
Sven R Larson
Ph.D.; Assistant professor of economics
Department of Social Sciences, 22.2
Roskilde University
PB 260
DK-4000 Roskilde, Denmark
http://www.ruc.dk/english/