Why economics is not yet a science

The essays in Why Economics Is Not Yet A Science, most of them specially written for this book, constitute a carefully reasoned critique of economics as an academic discipline. It is an indictment of the dominant school in economics for its failure to adhere to the norms of science. Wassily Leontief, a Nobel prizewinner in economics, sets the tone for the collec tion as a whole in his foreword when he points out how lit tle of the work published in economics is supported by any em pirical evidence. In the essays which follow, economics is criticized for basing its theory largely on axiomatic reasoning, for misusing mathematics in the development of models and for failing to carry out proper tests of its propositions. As Alfred Eichner, the editor of the volume, asserts in the title essay, 'Economics as a discipline consists of a body of theory... which lacks any foundation in reality. Indeed, the theory is little more than an elaborate set of deductions predicated on a set of metaphysical, and hence non-ścien tific axioms. Not surprisingly, any public policy based on such a theory simply invites disaster.' The essays, however, are not intended simply to reinforce the popular prejudice which exists today against economics. They are meant to point the way to a revitalization of the discipline through a radical restructuring of its theory and through a genuine commit ment to proper research methods.