Is economics a science?

Introduction. Everyone recognizes that physics is a science. Everyone also recognizes economics--a "social science"-- is somehow not quite the same as physics in its ability to be science-like. But what is a science and how is economics different? read more

I’m troubled by the sense among skeptics that disagreements about the answers to certain questions suggest that economics is a confused discipline, a fake science whose findings cannot be a useful basis for making policy decisions. read more

As economics develops, it will broaden its repertory of methods and sources of evidence, the science will become stronger, and the charlatans will be exposed. • Robert J. Shiller, a 2013 Nobel laureate in economics, is Professor of Economics at Yale University. read more

Economics is not, and will never be, at the stage where models can precisely predict the day on which a financial crisis will start before it happens, but this is not due to the lack of legitimacy of the field; instead, it is due to the inherently unpredictable sphere of study in which economics operates. read more