Isn't that just another economic theory?
Yes, in the same way we could formulate a medical theory that says "we don't know enough about disease to know whether our treatments are effective, so we aren't going to create a standard diagnostic manual". Prior to the last couple centuries, that would probably have been an improvement.
No, in the sense that, compared to most economic theories, you can't really use this theory to justify a particular group being given access to government power.
I think most of the gains we've gotten from the advent of evidence based medicine is building the taxonomy of medicine so we could reason about it effectively. That only works in a larger sense, small groups toiling with different nomenclatures end up wasting effort.
Much the same way economics is building the taxonomy of economies so we can compare and discuss.
Economics is going to become an entirely different animal in the future as we begin to automatically collect fine grained metrics from our automated economies.
Soon we'll be in the era of evidence based economism, and we'll see a huge increase in the effectiveness of it's utilization.
Not what I was trying to say; I apologize if I was unclear. Rather, my point was that during times past, in many cases it would have been better if doctors had not applied any treatment to patients. Not because doctors were fools, but simply there wasn't enough rigor around assessing the effectiveness of treatments.
So too do I advise this for the field of economics. Not to say that we shouldn't strive for rigor, but until we have it I recommend the "doctors" (i.e. economists) refrain from applying treatments to their "patients" (i.e. the nation via policy prescriptions).
> Soon we'll be in the era of evidence based economism, and we'll see a huge increase in the effectiveness of it's utilization.
An optimistic view that I do not share. I recommend the talk "Science, Knowledge, and Freedom" by Jim Manzi[0]. In short, observations in the "soft sciences" of psychology, sociology, and economics do not generalize across different times and cultures in the way that observations about physics, chemistry, and biology do.
