Thursday, 5 February 2009

An embarrassing lack of ambition

Paul Krugman, who I normally have a lot of respect for, writes:
The figure above plots ... It’s not a perfect fit — this is economics, not physics,...
(Emphasis mine.) Honestly, what other academic discipline could dismiss the inaccuracy of a theory with an airy `this is not physics?' Economists wonder why many people think that they are little better than cultists. Krugman's piece displays a large part of the reason: economists can't predict much and they are not even embarrassed by that.

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2 Comments:

Blogger The Girl Wonder Project said...

On days like these, I reconsider my plans for a PhD in the dismal science.

7:18 pm  
Blogger David Murphy said...

Awww, I'm sorry, I can be a touch too sarcastic at times. Whatever you do, though, I think that having a sense of how well you are doing it is important. And I'd have a lot more respect for the dismal science if it acknowledged that it might have had its Ptolemy, but it hasn't had its Newton yet, let alone Einstein.

9:07 pm  

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