Sep 5, 2008

Nassim Taleb on treating the social science of economics like a physical science

It was confidently believed that the scientific successes of the industrial revolution could be carried through into the social sciences, particularly with such movements as Marxism. Psuedoscience came with a collection of idealistic nerds who tried to create a tailor-made society, the epitome of which is the central planner. Economics was the most likely candidate for such use of science; you can disguise charlatanism under the weight of equations, and nobody can catch you since there is no such thing as a controlled experiment.

~ Nassim Taleb, Fooled By Randomness, 2nd Edition, p. 108

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