Cracking Economic's Patina of Science or Another Hit on Krugman...

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Much of Keynesian economic theory relies on statistics, but statistical representations of reality are not empirical facts as they rely on the subjective inference of the confluence of two or more measured occurrences. Being that subjective inference is not measurable, thus not verifiable, it can not rise to the level of empirical fact, thus "theory" rooted in statistically based inference is highly subjective and, as such, does not rise to the level of theory or even hypothesis and should not be used to drive economic policy.

It is, however, in this nether world of inference that Krugman thrives.



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