On Fri, 03 Oct 2014 08:52:04 -0400, Ed Huntress
wrote:

snip
The strength of economics is in its empirical studies, not in theory.
/snip

For some schools see http://tinyurl.com/om4jecr
"If you carry the popular impression that data-hungry
economists are always busy with complex formulas and not
with outside-the-box thinking then you should take a look at
the Austrian school. Just like monks living in their
monastery, the economists of this school strive to solve
complex economic issues by conducting "thought experiments."
The Austrian school believes that it is possible to discover
the truth simply by thinking aloud."

FWIW -- many of our more reactionary/libertarian posters
closely follow the Austrian school even if they are not
aware of this.

One item that should be considered is that "money" as a
measure and store of value, is "radioactive" in the sense
that it decays over time. Even money nominally based on
gold and silver become debased, and worth less and less over
time. http://tinyurl.com/2vg47a http://tinyurl.com/oyw6y7j

It is a difficult "science" where the primary unit of
measure continually shrinks.

Another problem with "empirical studies" is these frequently
do not support the ascendent socioeconomic
theology/mythology/ideology. Currently in the US,
iconoclastic "empirical studies" may mean denial of tenure,
but in many areas it can mean heavy fines, prison or death.
http://tinyurl.com/3vyh9ch
"Even as a private citizen, Bevacqua still is subject to
action from the authorities. In March, she was among a group
of private researchers who were fined 500,000 pesos each for
producing statistics the government said didn’t comply with
“appropriate methodological requirements.” "

What is clear is that with the decline in the importance of
the nation-state, the rise of the supranational corporation,
and the "brave new world order" of globalization, the old
schools of economics are "valid" for increasingly smaller
segments of "the economy," and "Mr. Market" is becoming
increasingly capricious, e.g. where does human trafficking,
drugs, derivatives and gun running show up in the GDP, and
should these be debits or credits?


--
Unka' George

"Gold is the money of kings,
silver is the money of gentlemen,
barter is the money of peasants,
but debt is the money of slaves"

-Norm Franz, "Money and Wealth in the New Millenium"