I am aware that DSGE and macro are only a small part of economics, and many economists agree that DSGE – at least in its current form - is yielding no fruit (although these same economists may still be hostile to outside criticism). Nevertheless, I wonder if this problem extends to other areas of economics, as economists can sometimes seem less concerned with explaining economic phenomena than with utilising their preferred approach. I believe internal mechanics are important, and if economists agree, they should expose every aspect of their theories to empirical verification, rather merely those areas which will protect their core conclusions.Ya think?
As a student of history of philosophy and also comparative religion, the more I learn about conventional economics the more it resembles medieval Scholasticism, which made an art of arguing to the preferred conclusion, revealing what Bill Black has dubbed "revealed biases." Facts? Who need 'em? The assumption prove the conclusion is necessarily true (axiomatically but not empirically).
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