19 September 2010

Economics as ideology, or, The Other Dismal Science

So at some point people thought that economists actually might be good at forecasting things.

No wait.

This is serious.

Apparently, some people actually believed that.

But only now is some mathematician figuring out there might be some doubt as to the ability of your average economist to forecast much of anything with any accuracy.

According to David Orrell:
Current economic theory is less a science than an ideology peculiar to a certain period of history, which may well be nearing an end…
All jokes aside, the Globe piece by Brian Milner is worth the time, if for no other reason than there is an audio excerpt of Orrell reading from his book, Economyths: 10 ways economists get it wrong.

While Orrell uses ideology in another sense, it is interesting that two of the economists who get the most popular attention in Newfoundland and Labrador seem to be more ideological or partisan than analytical.  To wit:
- srbp -