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4 - Is economics a science?

Published online by Cambridge University Press:  14 October 2009

Lindy Edwards
Affiliation:
Australian National University, Canberra
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Summary

Nothing is more damning than being told you are wrong by a scientific expert. Science has an insurmountable status. It is knowledge. It is truth. It towers above opinion, argument and, above all, ideology. Economics has that scientific status. But it also gets slammed as rampant ideology: a right-wing agenda to drain the world of human values. The casual observer gets caught between the two arguments. Criticisms of economics as a series of abstract models removed from the real world ring true. But so do the scientific credentials. Economists are clever people who have committed their lives to studying this stuff. They must know, right?

Most economic rationalists believe in economics' scientific credentials. They will protest that economics is not an ideology, that it is simply a tool. They will insist it is a value-free body of knowledge that can be used to deliver a wide range of goals. But such assertions reflect a poverty in economics teaching, and they run to the heart of why economic rationalism has been so hard to dislodge. The conviction that economics is a value-free science has been the buffer that has protected economic rationalism from its critics. It has enabled the central agency bureaucrats to cling to their decision-making checklists despite the rising tide of public discontent.

To tackle economic rationalists effectively, we have to recognise that economics is both science and an ideology. Economics is a valid scientific endeavour with noble aspirations. It is also deeply entrenched in ideology.

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How to Argue with an Economist
Reopening Political Debate in Australia
, pp. 30 - 37
Publisher: Cambridge University Press
Print publication year: 2007

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  • Is economics a science?
  • Lindy Edwards, Australian National University, Canberra
  • Book: How to Argue with an Economist
  • Online publication: 14 October 2009
  • Chapter DOI: https://doi.org/10.1017/CBO9780511481666.005
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  • Is economics a science?
  • Lindy Edwards, Australian National University, Canberra
  • Book: How to Argue with an Economist
  • Online publication: 14 October 2009
  • Chapter DOI: https://doi.org/10.1017/CBO9780511481666.005
Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

  • Is economics a science?
  • Lindy Edwards, Australian National University, Canberra
  • Book: How to Argue with an Economist
  • Online publication: 14 October 2009
  • Chapter DOI: https://doi.org/10.1017/CBO9780511481666.005
Available formats
×