Retorts

Refutation

Contrary to Rodney Hide's claim [Viewpoint, April], the philosopher of science Karl Popper actually pointed out half a century ago that it is not "testability" that is important, but "refutability". Most economic theories (especially the neoclassical) fail this test abysmally, as Mark Blaug showed in Methodology of Economics. Blaug put it thus:

...surely economists engage massively in empirical research? Clearly they do but, unfortunately, much of it is like playing tennis with the net down; instead of attempting to refute testable predictions, modern economists all too frequently are satisfied to demonstrate that the real world conforms to their predictions, thus replacing falsification, which is difficult, with verification, which is easy.

Verily, the emperor has no clothes!

John Peet, Christchurch