Were we to classify disciplines by the intellectual approaches employed, economics does not belong in the social sciences. What science starts off with axiomatic assumptions that are presented as self evident and are beyond questioning? Example: "Inflation is everywhere and always a monetary phenomenon." Then consider a situation where simultaneously the creation of all money tokens is stopped and foodstuffs along with energy products become exceedingly scarce, such as after a nuclear exchange or the impact of a large asteroid. One can see that the price of food and energy will go up, but it is not because of the money. Nor can the problem be solved by applying any monetary manipulation that does not produce more food or energy. So obviously the axiom on which monetarists base their analysis is falsifiable. Economics, as currently practiced, should be in the religion departments.

 

"It is not necessary to have hope in order to persevere."