Posted by PrestoPundit on 07/13/2008

is actually a good example of how the government takeover of the economics profession through the Federal funding of “economic research” (mostly via the U.S. military) has contributed to a decline in economic understanding among economists.  (On the whole topic of how government funding utterly transformed economic “science” I’d particularly recommend Philip Mirowski’s Machine Dreams: Economics Becomes a Cyborg Science).  Anyhow, I think it’s ridiculous that Mankiw seems to think that even higher levels of government interference in economic “science” is going to improve the status and functioning of that field of knowledge.  What we know is that economist almost universally misuse mathematics, mistaking mathematical constructs for causal explanations — and don’t even get me started on all of the misuses of statistics you will find in almost every econometrics paper published in the “scientific” journals of the economists.  And who has paid the economists to think and work like this?  Well, the biggest funder has been the Federal government.


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