The Blind Spot in Economics

By Paul Kedrosky · June 26, 2011 · ·

I’d call economics’ “unjustified claims about reality” more than a blind spot, perhaps more like a fatal flaw, but still worth reading.

A blind spot in economics? Unjustified claims about reality

Related posts:

  1. What Has Economics Ever Done For Us?
  2. Readings: Blind Spots, China, Deficits, and Rail
  3. Soros on University Marxists, & Transforming Economics
  4. When Has Economics Been Correct on Anything Important?
  5. Barron’s Holiday Economics Books List

Comments

  1. Keith Piccirillo says:
    June 26, 2011 at 6:10 am

    One notices a white swan.
    From this one can conclude:

    At least one swan is white.
    From this, one may wish to conjecture:

    All swans are white.
    All squirrels are grey because that's what the preponderance has been?

    These are examples of falsifiability.
    True scientific knowledge is held tentatively and is subject to change based on contrary evidence. Back to the Sizi and Galileo exchange, Galileo had the proof of a new discovery in his telescope that Sizi refused to even look through because it invalidated the basic premise of world order at the time.

    Well we know where we're going
    But we don't know where we've been
    And we know what we're knowing
    But we can't say what we've seen
    And we're not little children
    And we know what we want
    And the future is certain
    Give us time to work it out

  2. @DonnaWelles says:
    June 26, 2011 at 5:52 pm

    I just put a post in my blog about how you can apply the concept of Absolute Zero in thermo dynamics to the study of language. Check it out. http://bit.ly/mFBeSP