Comment Re:Economics as she is played (Score 2) 375
Whether or not it's a science, economics is horrid at predicting the future. Case in point: all the economists who insisted that the Clinton tax hikes in the '90s would cause a recession, or all the economists- probably the same ones, really- who insisted that Obama's policies would result in a spike in inflation. In both cases, the exact opposite occurred: the economy boomed in the '90s, and inflation has remained a non-issue since Obama took office.
Economics is an attempt to explain, well, how economies work. If economics were any good at this, then one would expect that economists would be able to use their theories to predict how a given policy would play out in the economy. And, in a huge percentage of cases, they fail miserably at this. To be honest, beyond supply and demand, I'm not entirely what economic theories can been shown to actually have any predictive value.