Comment by bell-cot
6 hours ago
Economics is a scientific field in the same sense that Astrology and Politics are. You formulate theories about what your customers want to hear. Then test those theories by telling your customers things, while observing both immediate reactions and how situations develop over time. That latter in conjunction with formulating updated theories about what your customers want... Endless loop.
Do they believe it's a science? Assume that Upton Sinclair's famous quote applies.
This is silly. Economics is not science in the same way physics or chemistry is. But it is not totally without predictive power like astrology is.
Etymology helps.
Eco: house, household, or dwelling place.
The -logy suffix is 'science'. So ecology is: the scientific study of how living organisms interact with one another and with their physical surroundings.
The -nomy suffix is a field or system of something.
Economy is the ecology of finance. Or, Economy is a field of science that predicts financial systems. Any scientific field helps you make predictions, once you know the material. But useful predictions require useful measurement.
-logy is ‘-thoughts’, -nomy is ‘-naming’, right?
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