J Bradford DeLong writes:
- One of the dirty secrets of economics is that there is no such thing as ‘economic theory’ . There is simply no set of bedrock principles on which one can base calculations that illuminate realworld economic outcomes…..
- Economists have none of that. The ‘economic principles’ underpinning their theories are a fraud — not fundamental truths but mere knobs that are twiddled and tuned so that the ‘right’ conclusions come out of the analysis.