Economics – A Field Still in its Development Phase
From the WSJ article:
“…
"I think
economics is in about the same state as medicine in about the 18th
century," said Jonathan Wright, an economist at Johns Hopkins University,
who has studied the effects of the 2007-09 recession on forecasts and models.
As he puts it, economics has moved beyond leeches but hasn't yet reached the
equivalent of modern medicine.”
Meanwhile,
Meanwhile,
Harvard’s Raj Chetty Argues that Economics is Indeed a
Science