Why Not Make Economics a Science?

Economists have come to rival even journalists and politicians in lack of public esteem. That might be partly because so many economists seem as interested in journalism and politics as in advancing their science. But there’s also a deeper problem: Far from advancing, the science of economics has been going backwards.

Economists tend to be either practitioners or theorists. Practitioners on Wall Street, in central banks, and in government aim to say where the economy is headed and offer advice on how to improve its trajectory. Academics in universities and business schools spin the theories that guide the practitioners.