Here is a passage from Ariel’s interesting and thought-provoking review:

“The following famous quote is taken from a letter written by John Maynard Keynes to Roy Harrod in 1938: “It seems to me that economics is a branch of logic, a way of thinking”; “Economics is a science of thinking in terms of models joined to the art of choosing models which are relevant to the contemporary world.” Economists enjoy discussing this question. I sometimes wonder if the question of whether economics is a science is about the commitment of economics to certain standards or whether it is actually about gaining entry into that prestigious club called Science.

Dani takes the question seriously and declares: “Models make economics a science” (p. 45). He rejects what he describes as the most common justification given by economists for calling economics a science: “It’s a science because we work with the scientific method: we build hypotheses and then test them. When a theory fails the test, we discard it and either replace it or come up with an improved version.” Dani’s response: “This is a nice story, but it bears little relationship to what economists do in practice. . . ” (p. 64). He also admits that “. . . [economic] methods are as much craft as they are science. Good judgment and experience are indispensable, and training can only get you so far. Perhaps as a consequence, graduate programs in economics pay very little attention to craft” (p. 83).”

Here is the link.

 

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