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Against Monopoly

defending the right to innovate

Financial Crisis

Monopoly corrupts. Absolute monopoly corrupts absolutely.

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Is Economics a Science

Not that whether or not economics is a science has much to do with monopoly, but since we've been discussing the crisis, and this arose out of Krugman's criticism of economics surrounding the crisis...I debated philosopher of science Alex Rosenberg on bloggingheads tv on this topic. As it happens Keynesian economic theory was tried and studied extensively for two decades. Not only is it falsifiable - it was falsified. So I guess for those of us who moved on economics is a science. For Paul Krugman for whom the evidence doesn't matter I suppose it is more akin to religion.

[Posted at 10/05/2009 11:50 AM by David K. Levine on Financial Crisis comments(1)]

Comments

Do I understand you to say that economics is a science in much the same manner as the more "bread and butter" type sciences as chemistry, various engineering disciplines, etc.?

In the interest of candor, this is potentially a loaded question. Right now the issue is about to be debated in the upcoming arguments before the Supreme Court in In re Bilski and Warsaw.

[Comment at 10/05/2009 12:34 PM by MLS]

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