13-11-02 US: Why is economics NOT a science like epidemiology?

The linked article brings up an important consideration - FRAUD - the unspeakable word in economic theory.  

Much of what is promoted as sound economics is simply FRAUD, from "trickle down economics" under Reagan, through "streamlining mortgage applications and mortgage approval" under Greenspan and Countrywide, to "quantitative easing" under Bernanke.

In epidemiology, at least retroactive data is largely reliable. Even that cannot be said of economics, since the large cutback in the national statistics services in the United States under Reagan.  

When it comes to projections, there were some claims of epidemiological exaggerated risks projections, relative to flu epidemics, meant to boost vaccine sales, But risk assessment will always be a murky field.

jz

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OpEdNews Op Eds 11/1/2013 at 10:00:37

The Taylor Rule: Ignore Fraud Epidemics and Worship Markets

By William K. Black, J.D., Ph.D. (about the author)     Permalink 

http://www.opednews.com/articles/The-Taylor-Rule-Ignore-Fr-by-William-K-Black--Economic_Economic-Collapse_Economic-Crisis_Economic-Models-131101-411.html