Random thoughts on Western science I have little trouble in respecting the achievements of what we're calling Western science; however, on an economics list I think that a note of caution might be in order.
Economists often attempt to piggyback their work on the concept of science -- even though most science is inductive and what economists refer to as science is a set of deductions from dubious premises. Attempting to give a more holistic analysis, such as Marx tried to do it appears unscientific or even sociological within economic circles. Economists' attempt to "verify" their theories empirically is rarely convincing to me. First of all, most of the econometric tests are very brittle. Second, much of the data is highly questionable. When I was in graduate school, I paid attention to the construction of the statistics of the capital stock. I found it ironic that economists would pay great attention to their residuals without taking account of the weakness of the data that they use. Some of you may be familiar with Oskar Morgenstern's On the Accuracy of Economic Observations. -- Michael Perelman Economics Department California State University [EMAIL PROTECTED] Chico, CA 95929 530-898-5321 fax 530-898-5901
