12th Mar 2010
Is economics a pseudo(fake) science?
Why would anyone want to become a famous economist? How many people can name more than 1 famous economist?
Good question. I totally agree with where your coming from regarding your question.
Well it is true, that there are many different disciplines taught under the economics umbrella which holds for conflicting opinions and thoughts. You have to understand that because of so, there are many different economic tools or theories that can be applied to the economy given any particular circumstance that it's in. This is why you see one economist saying one thing, and the other saying an adverse another.
To find out for yourself which economic ideas that you can agree or disagree with, it's all a matter of studying economics for yourself. Having a rich and informed knowledge about the subject can make you more well aware of the opinions that are being thrown out there from these so called "market experts." And also allowing you to make better well thought-out opinions of your own regarding the economy once you've grasped an understanding.
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As for the study of economics being a "fake social science" due to it's lack of benefits on society or what you can call, "Scientology." If it wasn't for economics, such significant contributions of methods to understand and handle the economy, would not have been possible if it wasn't for the invention of fiscal and monetary policies to handle recessions. If it wasn't for economics, we wouldn't understand what a recession was nor what is the cause of it. And the list continues.
But pertaining to the sociological aspects, were looking at consumer and market behavior. How people behave in spending their money if they are at a certain income level. The proportions of expenditures on certain goods or services from certain demographics. In any given situation, what is presumably going to be the status of economic activity on a general level. And the list goes on.
As you can see from the paragraph above, putting a final and conclusive answer to any of the things mentioned is going to be rebutted with differing arguments. It's hard to just say one thing and stick with it because obviously such questions are a complex matter to solve. If it was that simple, than you wouldn't be asking this question.
That is why as I've said earlier in this response, is that it's important that you study economics for yourself and figure out what you believe to be as the best solution to any economic situation, past or current, and know why based on the theories you've studied.
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To clear the notion of why economists can't predict accurately....
...it may not be accurate but should be close to it based on good evidence. When your hearing an economic pundit on television giving their opinion on what is or should going to happen at whatever later time. And than you ask yourself, "What's the point of listening to these econ guys when their always wrong?" Well although it is true to an extent that may in fact be true, but in their defense it's like listening to professional stock market brokers. There is never just one advice from all stock brokers, there are a vast amount of various advices. All of which could be right in their own way respectively, but sometimes theoretics can't always determine the practicality of reality. As a result, only a few have get it right. Which is because anything could happen due to the markets' behavioral complex nature. And that is the same with the economy.
After all, doesn't sociology have conflicting disciplines of thoughts under the study as well? It doesn't just put one firm answer to everything and that's it, does it? But it does teach you something about socio behavior on a general scale nonetheless. However, due to the varying theories explained, it's up to you to research and find out for yourself which you find is logical and why.
That is the same with economics, and the subject itself does have it's benefits on society. Justifying it as a pseudo science based on the reason you've explained is a common misconception. Hopefully you look at it in a different light now.
Take care.
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