“As in manufacture, so in science – retooling is an extravagance to be reserved for the occasion that demands it. The significance of crises is the indication they provide that an occasion for retooling has arrived.”
In 1999 Edward Lazear, the former chief economic advisor to President George W. Bush, wrote a paper with the intriguing title of ‘Economic Imperialism’ (Lazear, 2000). Lazear begins his paper with the following bold claims:
“Economics is not only a social science, it is a genuine science. Like the physical sciences, economics uses a methodology that produces refutable implications and tests these implications using solid statistical techniques. In particular, economics stresses ...