Snake oil, DSGE, and moment matching

Economics is the most delusional pseudoscience.

Itโ€™s certainly not sociology nor psychology. Those are actual sciences, just not well-grounded ones in some areas and with more con artists than they should have.

I single out economics as the most delusional because it is the only one that not only has bogus conclusions but essentially as part of its very process fakes its own input data. This is not a matter of fraud (in the traditional sense) nor the lack of knowledge about how the real world works, but the fact there are immense incentives for economics to have both bogus front-end suppositions and back-end conclusions.

Thus the sclerotic state of economics as a profession today. Weโ€™d have a better time with charlatans, honestly. A charlatan at least knows sheโ€™s selling rubbish, while a true believer in economics realizes no such thing and all the more harm is caused therefrom.