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Science and Subterfuge in Economics

14 12 4
14.02.2019

NEW DELHI – Mainstream economics has a tendency to decide on some “established” conclusions, and then hold to them, notwithstanding all evidence to the contrary. This is bad enough, but what may be worse for a discipline that lays claim to being a science is the lack of insistence on the replicability of empirical results. This is both standard and essential in most natural sciences; in economics, by contrast, there is mostly indifference and occasionally even fierce resistance to it. In some cases, the data that must be used to replicate conclusions are denied to other researchers.

Feb 11, 2019 George Soros argues that the EU cannot be saved without transforming its political party systems.

Feb 8, 2019 Nouriel Roubini explains why the global outlook for the coming year will depend on a broad range of interrelated factors.

Jan 24, 2019 George Soros sounds the alarm about the surveillance-state authoritarianism being pioneered by Xi Jinping in China.

The reason is often deeply political, because the results that are promoted and disseminated accord with visions of the economy that support particular ideological positions and associated policy stances. For example, empirical work that supports fiscal austerity or market deregulation is cited extensively........

© Project Syndicate