Category Archives: Scientism

Arnold Kling on the Pseudo-Science of Macroeconometrics

Few economists have a sophisticated theoretical education in macroeconometric modeling — many are the equivalent of children playing with a computer game they really don’t understand.  Arnold Kling is not one of these.  In a series of essays Kling has … Continue reading

Posted in Macroeconometrics, Scientism | 1 Comment

Hayek & the “Global Warming” Scare

Energy regulation economist Robert Murphy weighs in: Fans of Austrian economist Friedrich Hayek — who warned against the “pretense of knowledge” — should be even more concerned about the sheer audacity of the field of climate economics. After all, it … Continue reading

Posted in Knowledge Problem, Limits to Knowledge, Scientism | 4 Comments

letter: F.A. Hayek to Joan Robinson, March 1941

A letter from Friedrich Hayek to Joan Robinson, dated March 10, 1941, quoted in Konstantinos Repapis’s paper “Hayek’s business cycle theory during the 1930’s: A critical account of its development: “My present pre-occupation with what may seem altogether different problems … Continue reading

Posted in Biography, Keynes, Phil of Econ, Scientism | 4 Comments

pdf: Carl Menger’s Classic on How Social Science Is Done

The most important book ever written on the explanatory strategy of  the social sciences — and the book which most influenced Hayek’s own explanatory strategy in economics — is now available free on the internet in pdf format:  Carl Menger, … Continue reading

Posted in Positivism, Scientism | Comments Off

crisis: Maybe Economists Show Know Something More Than The Hot Fashion Of the Moment In Mathematics

Quote Of The Day: Mr. Laidler believes that macroeconomists have a great deal to learn from studying the history of their field. I read several of his excellent books on the history of monetary theory, linked here and here. It … Continue reading

Posted in Scientism | 1 Comment

barron’s: Economics Isn’t a Hard Science

Quotable: “When Friedrich Hayek won the Nobel Prize for economics in 1974, he embarrassed many economists by noting their failures. Speaking in the midst of a great inflation that caused a greater loss of stock-market wealth in the U.S. than … Continue reading

Posted in Keynes, Scientism | 1 Comment