this post was submitted on 12 Jun 2025
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It lacks predictability and reproduceability. At least to a certain extend. As long as every diagnosis is "this most likely is" or even "could be", it is not science.
But you can still look down on economists, who are somewhere between crystal ball readers or tea leaf interpreters and random number generators on that behalf.
Economists aren't trying to predict the future. That's a misconception that is done away with in the first few days of intro.
Economists set option prices. That is literally trying to predict the future.
Edit: To be fair, I shouldn't say "economists" in general. There are plenty of good economists out there that understand that economics is not a predictive science, I know a couple personally. But there are definitely some economists out there that think their degree lets them predict the unpredictable.