Abstract
Before economics can have any hope of being a science, it has to wean itself from the belief that it is futile to challenge the assumptions used to devise a theory, and instead that a theory can only be judged by the accuracy of its predictions. This belief is bad philosophy, leading to pseudoscientific behavior rather than real science. Ironically, it is also the primary reason why neoclassical economists, in general, spectacularly failed this very test in their complete failure to predict the largest economic event of the last half century: the economic crisis that began in 2007.
| Original language | English |
|---|---|
| Title of host publication | Readings in Political Economy: Economics as a Social Science |
| Editors | George Argyrous, Frank Stilwell |
| Place of Publication | Prahran, Vic. |
| Publisher | Tilde University Press |
| Pages | 130-137 |
| Number of pages | 8 |
| Edition | 3rd |
| ISBN (Print) | 9780734611437 |
| Publication status | Published - 2011 |