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overtheedge
Member since May 2012
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The Fundamental Flaw of 'Mainstream Economics'

- Hugo Salinas Price - Plata.com

Although Irving Fisher is long dead and his pseudo-scientific thesis long ago discredited, the indexing continues.
One of the most well known being the CPI.
Any attempt to use the scientific method in an environment when ALL the variables can't be controlled will always result in failure.
Not all members of homo sapiens are amenable to manipulation.
Attempts to use logic when analyzing the illogical actions of a specie is just as foolish.
It appears to work on the gross scale until it doesn't.
Then it is called a "black swan" event.
Tho many see it coming, the model failed to predict it.

So why do these "Sorcerer's Apprentices" continue to use it?
I would argue that economics is NOT a science, but rather philosophy just as is religion.
Belief systems can accept bushel baskets full of flawed logic.
For what is philosophy but reasoned opinion?
And reasoning is based upon individual priorities.

By claiming to be economic science, it gains credibility among the scientific illiterate.
Just as its first cousin, political science.

Good article.

Commented 3309 days ago

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Beginning of the headline :Francis Bacon, an Englishman, was born in 1561 and died in 1626. Bacon's thinking had a profound influence upon the development of Western civilization, because he founded what is known as the scientific method. All the scientific advances of mankind up to the present day, are based on this method, which is - in a few words - orderly experimentation upon things of the natural (physical) world in order to arrive at a truth. He was the first to outline the bases of the methodology to discover phys... Read More

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