Is Economics a Science? Dogmatic Economics Vs. Reflective Economics

A thought-provoking text that is somewhat complementary to my last post on the “monolith of economic theory“.

Fixing the Economists

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The question asked in the title of this post is actually somewhat of a trick. It is a trick because it all depends upon how you define ‘science’. Often when people say that economics is a science what they are doing is defining ‘science’ in such a way that economics fits the bill. They can do this because there is no real, firm definition of ‘science’ that is widely held among philosophers of science, scientists or, most certainly, among economists (who are the most anti-intellectual of the three groups by far).

If we look at Wikipedia, for example, it gives a definition of science that is Popperian — despite the fact that Popper’s falsifiability criteria have been called into question since the 1960s.

Science (from Latin scientia, meaning “knowledge”) is a systematic enterprise that builds and organizes knowledge in the form of testable explanations and predictions about the…

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Is Greenpeace Cornucopian?

Greenpeace, Friends of the Earth, WWF and numerous other environmentalist organizations have been long pressing for a committed global effort to tackle climate change. It is clear that the major issue here is energy production – we desperately need low-carbon energy to keep the Earth’s climatic system in balance. However, these environmentalists also fight nuclear power, one of the two established low-carbon technologies in energy production (the other being hydropower) that are the only ones so gar that provide baseload electricity. At the same time, Greenpeace & Co. have long dismissed the idea (or, rather, ideology) called Cornucopianism which states that human ingenuity and free markets will provide solutions to every challenge humanity shall ever encounter – so we don’t have to worry about climate change, acid rain, the ozone hole, overpopulation, dwindling resources etc. – there will always be a backstop technology to save us. Continue reading