Science Matters, but Does it in Economics?

Does science matter in economics? It is generally agreed that economics is an applied science and not a pure one. In general, applied sciences are based on the laws and principles of pure science. A good example is biology, where the only laws that are invoked are those of physics, specifically the laws of classical mechanics and thermodynamics. Chemistry is another example, where the only laws that are invoked are those of physics.

It is also generally agreed that economics draws from the tributary fields of industrial engineering and psychology, with the former underlying production and the latter, consumption and behavior in general. But, is this the case? Beyond hyperbole, is production theory truly grounded in the laws of industrial engineering? And is consumption theory grounded in behavioral psychology?

This volume answers these questions in the negative. In short, it is argued that science simply doesn’t matter in economics, has never mattered and will probably never matter. Instead, the field has taken it upon itself to redefine the laws of physics as they relate to work and productivity, and of psychology as they relate to human behavior – in short, to carve out a set of laws which is distinct from physics and psychology.