Abstract

To-day economics is considered the most highly developed discipline among the social sciences. Yet, its explanatory and predictive powers are admitted by all hands to be weak compared to those possessed by the physical sciences. This weakness is still frequently explained by apologetic references to the relatively tender age of economic science. This apparently implies that in the normal course of time economics will grow up and achieve the stature and powers of say, physics. The trouble with this argument is that economics is certainly as old as physics. If it lags behind other disciplines in predictive and explanatory powers, lack of time cannot be the cause.