John Emerson is tempted into blogging again:
Economics is too ill-formed, inconsistent, and incomplete to be the rigorous formal science it pretends to be. What it is instead is a bag of tricks, many of which work most of the time. Economics functions as a form of expert advocacy, like law. No one says lawyers don’t know anything. They’re very bright and knowledgeable and, in the context of our society, necessary and powerful. They do know a lot, but no one calls them scientists. If economics isn’t alchemy (or unscience), it’s law. Economists are highly skilled mercenary advocates within an sloppy, open system which is always in the process of redefining itself. And like most mercenaries, economists are most sympathetic to those who can afford them.
As often, the comments are as good as the post.