Modern Economics as a Would-be Science

Mark Lindley

Artha Vijnana, 2013, vol. 55, issue 1, 1-22

Abstract: Since market-economic theory lacks predictive reliability, it is not scientific like physics. Nor has it ever really been "positive" like physics and chemistry. To become truly scientific, economic theory has to consider in detail the exosomatic physical aspects, including the ecological ones, of human activity, while medical science deals with the endosomatic physical aspects of the human organism. The Earth is not, however, an organism (nor indeed is a market), and therefore, preserving wilderness will not suffice to solve the 21st-century problems caused by ecological degradation. Technological maintenance will also be required – and prudence when facing high-stakes risks in regard to which there is baffling scientific uncertainty. Some historical background to these theoretical points is given here.

Date: 2013
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