When Will Economics Become a Science and be Able to Explain the Past?

[EdwardBaiamonte]

the 'free market', and infinite greed, did that all on its own.

of course totally wrong. A nationwide housing bubble is only possible when a liberal govt is printing the money to make it possible to bubble up prices and promises to keep printing so prices will never go down. Now do you understand now?.

 

[EdwardBaiamonte]

I don't so much disagree with your argument as find it over simplified .

actually its very simple. The liberal govt printed enough money to make prices bubble and bubble, it had 132 programs to get people into homes the Republican free market said they could not afford, and it guaranteed 75% of all Alt A and sub prime mortgages. Get it now?

 

[Picaro]

Taking two different sciences as examples of how this works: history and genetics; as explanations of what points I'm trying to make let me lay this out:

Genetics used to be a very simple science now there is three codon DNA in the chromosomes, four codon DNA in the mitochondria, RNA codons in the ribosomes, shaping proteins, epigenetics and metagenetics. Now the hopeful monsters and similar just so stories are becoming less common.

History used to be all fact based just so stories but then came "Plagues and Peoples" and "The Columbian Exchange" The rise and fall of nations and civilizations are now explained in terms of population numbers and their exponential curves with or without such concepts as relative fragility.

Since supply and demand was understood before Adam Smith how soon will the debates about what "really" caused the Great Depression 80 years converge on a more limited explanatory model:

The polio, swine flu and syphilis epidemics vs. Soviet mismanagement of Agriculture and the overselling/overuse of the US farmbelt, for example?

It is better to first divide your world into Science, Philosophy, and Religion.

Religion is ancient and wicked.

Philosophy was the ancient Greeks' first attempt to free themselves from superstition and religion.

Science was invented by Galileo the moment he picked up his homemade telescope and pointed it at Jupiter. Data collection and inference are the two main tools of Science.

So anytime you are collecting data of any sort and then summarizing the data with an inference about them, you are being scientific.

They are all inter-related, as is business and economics. Do away with one and you're running races with a three or two-legged horse. This is a major part of the 'intangibles' economics can't predict, and never will. Science couldn't exist without a moral underpinning,neither can business and industry.

If you don't believe this, just Google up the scholars who studied the WASP work ethic, and found it ti be not only a valid claim but a measurable one, and also check out the results of Singapore's anti-corruption drive they started 60 years ago, when they were in about the same place as Mexico, then compare their modern economy with Mexico's, who went on to become even more corrupt. That's just for starters; there is far more money and stability in moral societies than atheist ones focused on mindless self-indulgence and libertoon fantasie.

 

[Picaro]

the 'free market', and infinite greed, did that all on its own.

of course totally wrong. A nationwide housing bubble is only possible when a liberal govt is printing the money to make it possible to bubble up prices and promises to keep printing so prices will never go down. Now do you understand now?.

Yes, I understand you don't know squat. Do you understand that?

 

[EdwardBaiamonte]

the 'free market', and infinite greed, did that all on its own.

of course totally wrong. A nationwide housing bubble is only possible when a liberal govt is printing the money to make it possible to bubble up prices and promises to keep printing so prices will never go down. Now do you understand now?.

Yes, I understand you don't know squat. Do you understand that?

of course if true you would not be so afraid to present your reason. What does the liberal learn from his fear??

 

[Picaro]

the 'free market', and infinite greed, did that all on its own.

of course totally wrong. A nationwide housing bubble is only possible when a liberal govt is printing the money to make it possible to bubble up prices and promises to keep printing so prices will never go down. Now do you understand now?.

Yes, I understand you don't know squat. Do you understand that?

of course if true you would not be so afraid to present your reason. What does the liberal learn from his fear??

I did; I cited your posts.. You're very dense.

 

[Eloy]

Actually, economics is already a science and it can explain the past.
Economics is at its best when it is descriptive, describing the past and, with less skill, the present also.
Where economists let us down is when they attempt to predict as all sciences must do. Here it is not scientific but political policy.

 

[EdwardBaiamonte]

I did; I cited your posts.. You're very dense.

of course if true the typical liberal would not be so afraid to present his rationale again. In fact he would love to do it if it existed. What does the liberal learn from his fear??[/QUOTE]