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Opinion
Justin Wolfers

So, What Is Economics Good For?

An English professor and a philosopher have made a bit of a splash with a recent New York Times opinion article asking, “What is Economics Good For?”

An English professor and a philosopher have made a bit of a splash with a recent New York Times opinion articleasking, "What is Economics Good For?" Their central claim is "the fact that the discipline of economics hasn't helped us improve our predictive abilities suggests it is still far from being a science."

For now, forget about their rather odd definition of a science, which is that it must be a field whose predictive abilities are improving. Rather, focus on the central claim, which is that economics hasn't helped us improve our predictive abilities.