Alfred Nobel considered economists as con-men in his time and nothing changed since then. In late sixties of last century Wall Street took finally hold of Nobel foundation, reduced gold holdings, increased Wall Street securities holdings. Since then every year financial world pee in pants waiting for economic/financial puppet show in Stockholm and Oslo and a queue of profiteering prophets, apologists for world conquest and mayhem concocted by self indulged oligarchs from east and west.
Nobel never intended to give any price to economists and even explicitly stated that economy is not a science at all. Note that none of economists actually getting one (check for yourself). These economic/financial types excel in highjacking then cutting to pieces words and concepts necessary to see through their malfeasance and often crime, rendering us mute, unable to understand each other while talking finance or economics. They are trained in a way so whatever economical theory is promoted in media or academia, it is always and solely for benefit (or direct profit) to ruling elite.
But reality is even worst. Not only economy, but also psychology, sociology, history, law, biology, psychiatry and medicine, (may be except for microbiology) so called behavioral sciences are all deeply flawed in their foundations and methods. I would even call them pseudo-sciences in comparison to physical sciences. And I would not have problem with that if they did not demand nor obtain superior authority from world elites and their governments to edict their unsound judgments upon petrified world populace.
One may say, for their defense, that they are dealing with difficult, complex systems. I would say that they, after several hundred years of “trying”, are still unable to deal with complex systems with no perspective in near nor far future for breakthrough of any kind, simply because they have no vested interest in it and never did.
Mainly, it is due to rigidity of their “scientific” establishment class focused on satisfying demands, of their sponsors, for specific financial and/or politically expedient results. That’s why they hold on to dead, again and again disproved theories as long as their backers are happy. And no matter what dire consequences of their willful ignorance are suffered by population.
This is not benign. This situation is dangerous. Authority, of any kind, in hands of ignorant or willfully ignorant people is a threat to society.
I am not against science, I strongly support it, but for me science must have high predictability to be called science. In physical sciences the predictability is around 99.9% of success if theory is to be accepted. However, in behavioral (social) sciences it is typically 10% to 25% while random guess would give them 50% of overall predictability. They are not even moving in right direction.
The worst example of that, even worst then economy, is psychology and psychiatry which focused solely on verbal and/or pharmaceutical manipulation of human being mental state for purposes of political harmony, without gaining any valuable scientific inside into underlying physical processes or cure for over 250 years of modern “scientific” psychiatry. The same applies to theory of law, history and surprisingly to most of modern medicine.
Medicine especially, undergoing the same corruptive processes as other fields of science. Making up diseases for insurance money, treating symptoms by dispensing pain killers or highly addictive psychotropic drugs while ignoring causes of disease or inexpensive preventive measures. Seeing army of PhDs sucking up millions $ for secret ” actress Liz T. fountain of youth project”, and in the process defrauding falling Hollywood star just before her death is disgusting but revealing sign of times.
What’s interesting and disconcerting is that even in realm of physical sciences disturbing trends of pushing concentrated multi-billion dollar spending programs based on dubious theories, seems to be on rise while breath of promising scientific endeavors are in financial agony.
Utter embarrassment of scientific establishment due to series of well publicized scientific frauds, such as cold fusion, supra-light-speed neutrinos or Higgs particle controversy etc., represent a sign of major scientific funding collapse and disintegration of western intellectual capital.
It is worth to note, that, political establishment driven, serious “climate science” is not physical/foundational science but a behavioral, model based, science attempting to describe complex climate systems. While it’s more accurate in its outlook, it’s still subject to the same ills and failures as social sciences and therefore should be treated with due caution as far as its prediction capabilities.
What I am calling for is downgrading authority of scientific establishment to fit reality of very modest expectations of their results. Otherwise, we will continue moving on slippery slope back into dark-er ages while spending billions $ on “con-science”. Unless revolutionary changes to structure of scientific establishment and politics of science, come soon.