Econ is in between social science and physics. There are hard and fast rules that apply and direct cause and effect relationships. There's tons of data and many things are quite easily and accurately predicted. And economists will be in agreement on all those things. The "softer" aspect comes in because the number of variables affecting the economy is vast. In other words, economists know as a fact, all other things held constant, what is going to happen. The problem is we can't hold all other things constant like hard sciences can. Econ experiments cannot happen in a lab. So all you can do is take all the data as a whole and try and figure out the result. Which will lead to disagreement. But the disagreements are generally not of the "what will happen?" variety, but rather the scope.
__________________
Where are we going? And why am I in this handbasket?
|