Whether economics is a ‘science’ or not, its laws apply to everybody
By Matthew Hennessey. Excerpts:
"if economics is science, then it’s real and we’re bound by it. If it isn’t science, anything goes. We’re free to build a brave new world."
"Everything about them suggests a desire to ignore economic history."
"Tarring economics as “not a science” gives them political room to run."
"It’s [science] never settled. That doesn’t mean we don’t understand certain laws of the physical world like gravitation and conservation of mass and energy, or how atoms combine to form molecules. We do."
"That was my point about supply and demand. Two hundred and fifty years after Adam Smith, we understand how these laws of economics work. They aren’t imaginary or a human invention. They don’t change."
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