The Economist on 100 years of Einstein
Thomas Colignatus ()
General Economics and Teaching from EconWPA
An important aspect for economics and its methodology is the relation between its definitions and the reality that those definitions (should) reflect. Creative minds coin definitions that maximize explanatory power. An example that highlights this phenomenon can be found in physics and notably by the article in The Economist January 1 2005 on 100 years of Einstein. Physics with its methodology has had more impact on economics than the other way round. Physics seems to have become an arcane science and one wonders whether economics goes the same road. Both sciences are in danger of losing touch with reality and either blow up the world or destroy the world's economy if they don't spend close attention to their definitions and their transparancy. While it is most likely that the author simply doesn't understand physics, the exposition may still be beneficial for students of economics and its methodology.
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