Monday, September 08, 2008
Sorman, Guy. "Economics Does Not Lie." CITY JOURNAL 18.3 (2008).
The dismal science is at last a science—and the world is the beneficiary. Though economics as a discipline arose in Great Britain and France at the end of the eighteenth century, it has taken two centuries to reach the threshold of scientific rationality. Previously, intuition, opinion, and conviction enjoyed equal status in economic thought; theories were vague, often unverifiable. Not so long ago, one could teach economics at prestigious universities without using equations and certainly without the complex algorithms, precise (though not infallible) mathematical models, and computers integral to the field today. . . . Read the rest here: http://www.city-journal.org/2008/18_3_economics.html.