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Something has gone very wrong with the peer-review process.
Thorstein Veblen compared hierarchical religious sects to retail distribution chains. An anthropologist would see the behavior amongst those in the 'mainstream' of modern economics as much more like a church and the theoretical systems as more like doctrine and heresy than like scientific postulate and experimental testing. It is not without reason that economists 'joke' about to which 'church' various economists belong. It is also significant that senior members of the profession argue that economics is more a branch of moral philosophy than of social science and that therefore a deductive, axiom based approach is in order. I agree with that view, though I find the 'moral' aspect problematic. "It is not necessary to have hope in order to persevere."
The not-really-secret of scientific peer review is that you can get any old shit published somewhere. The problem with economics is that it publishes shit in its "top-tier" journals.
Actually, the real problem with the journal culture in economics is that it lacks second-tier journals - which is where all the scientific legwork gets done, as anybody who has ever compared, say, Nature and Physical Review Letters side-by-side will know.
So what you have in economics is three top-tier journals, which can get away with publishing any old shit which is Novel and Interesting, because there are no second-tier journals around to push them to at least make a cursory check that it is also methodologically sound and empirically relevant. And then you have a vast gulf of nothing at all until the third-tier specialist journals start. Which are, as in all fields, a somewhat mixed bag.
- Jake Friends come and go. Enemies accumulate.
Now, I know that the views here are somewhat cynical towards that field. And I fully include myself in that. But this was not necessarily written with an ET reader in mind. If I just claim that the WSJ is corrupt, I'll be preaching to the choir -those who don't believe it will instantly stop listening.
So my angle of attack was not the conclusion, not even the person (well, not only the person), but the process. And my bitterness that something that I had to teach in introduction classes can be entirely overlooked by a per-review in the field. And knowing that I am a far, far better economist than this overpaid guy, but currently unemployed while he's raking in millions, sort of rubs it in deeper, of course. Earth provides enough to satisfy every man's need, but not every man's greed. Gandhi
In economics, they get published in third-tier journals and then tacitly ignored by everyone Important. Because the Important People publish mainly in the top-tier journals (whereas in a field like physics, even the Very, Very Important people don't regularly publish in top-tier journals - this definitely helps build recognition and credibility for the second tier, which I would argue is more important anyway).
I was asked a few times economics students to help with their regression or modeling exercises, thesis. It's always a disgrace: few points and with obvious problems, and always to show a tax/growth correlation or something.
Broadly though, the standards of science are quite decreasing (thanks to Indian publishers perhaps, but especially to corporatization of universities in management, funding). Apart from economics, those standards have a long way to go down for creationist satisfaction, though.
There is law. That said I sometimes suspect it's just tolerated at universities as a legacy. Being a part of university before the time science was invented.
You also have "political sciences", "social studies" - but the softer flavor of science is humbly acknowledged there.
Economics is unique in its pretentiousness and its public status. They even give Nobel prizes (as they are widely known) in Economics, right?
Most people assume justice is a moral concept. But in legal terms it's considered by many lawyers and judges to be purely procedural.
So justice is considered served if due process is followed, even if the result is a moral nonsense.
This explains a lot about both politics and law, IMO.
But that does lead to some extreme. I'm pretty sure that it's a current US Supreme Court Justice who claimed that proof of innocence was no reason to cancel an execution that was decided by due process. Earth provides enough to satisfy every man's need, but not every man's greed. Gandhi
It has its merits, because the "natural law" people are also insane. I distribute. You re-distribute. He gives your hard-earned money to lazy scroungers. -- JakeS
Utilitarianism is rather more practically oriented.
I suppose ideally you'd have explicit legal/political goals, and sanctions/rewards which would be calibrated and tested against an objective and provably accurate assessment of their value.
But why bother when you don't have to progress beyond simple emotionalism?
Gerechtigkeit durch Verfahren. (Luhmann)
That said, due process is at least achievable. A just result is much more difficult.
Say, is that stuff about us as natural persons or CORPORATIONS serious?
For a change, here is a peculiar story of "science" and law colliding: The Professor, the Bikini Model and the Suitcase Full of Trouble
True, that is the saving grace. A discipline should know it's limitations.
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