Is Economics a Science?

The 2022 Nobel prize in economics will be announced tomorrow, Monday, October 10. Of course, it is not a “real” Nobel prize but rather the “Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel” but I will use the conventional phrase “Nobel prize in economics.” The official name does raise an interesting question. Why …

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Economists Knowingly Publish Papers with Errors

I have documented errors in economics papers and pointed out the arguments for why economists say they can’t do better. In a real science, authors would fix errors others have found before publishing their paper. Not in economics. In 2001, I became aware of a working paper version of “Equilibrium Welfare and Government Policy with …

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Macroeconomist Confesses to Lack of IQ

I often ask macroeconomists why their models are so simple, far simpler than the real world. I asked one macroeconomist what “constraint prevents you from examining less simplified models?” His answer was clear and direct: “In my case it’s IQ” but he goes on to claim that this is true of “mainstream macro people.” He …

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