Why Economics Isn’t a Science

Economics is the study of how humans behave, the consequences of those actions, and thus the best guess on what to do from there. It would seem as though it were simple enough. In any other science, like physics for example, certain truths are held by all physicists or at least most. There is an agreement from the far corners of the school on how the universe more or less works. Anyone learning physics does not have to chose between believing in gravity or not, they more or less learn what all of humanity has discovered up until this point without bias.

That is the key point, bias. In a science like physics there is little reason for a scholar to attempt to bend people to his way of thinking. There is no reason for him to renounce Einstein and introduce his own theory, unless it’s bloody right. This is not the case in economics.

Economics is used to manipulate people. It may not have started that way, or maybe it did, but it certainly is now.

When you have a science based on human behavior, would it not be beneficial for some seeking power to skew it? To bend it’s outcomes?

Of what use is an economist who tells the truth to a man who seeks power? The economist is like a priest of old, a keeper of wise secrets that is shrouded in mystery. He appears to have a neutrality because he is not a politician, but why would a power-seeker quote the words of someone who does not follow himself?

It’s as simple as cheating on your resume, favoring friends you like and ignoring those you don’t. It doesn’t make the truth disappear or the friend vanish, but it skews your world. You seemingly have a better work history and your friends seem a little bit cooler on the whole.

Just because we only hear economists who say that our leaders can do no evil, doesn’t mean they are right. What use is an economist who says that taxes hurt the people to a politician whose pay and ability to enact policies depends on taxes?

Government sponsored independent panels, commissions, review boards, all the machinations of political propaganda.The congressmen who create these things, these are men with agendas and motives, they have vested interests… why would they leave these to chance with truly impartial examiners?

Self interest is powerful, made more so by the constant underestimation that it receives.

Dollar Falls on Rate News

This article depicts the current state of the dollar in light of the rate cuts by the Fed. Several times from several contributors it is said that “quantitative easing” has undermined the value of the dollar. In other words, the Fed printing money has made our money a little more worthless. Thanks guys.

Not to mention the whole idea ISN’T working anyway. Banks have resorted to only lending to those who are capable of paying them back regardless of how cheap their credit is from the Fed. Thus the housing market is still not at boom levels that everyone seems to think it should be at.