Pylimitics

The Nobel Prize in Economics is not a Nobel prize. It’s a fake created by the Swedish central bank in 1968. It “honors” Alfred Nobel, but the Nobel committee does not award a prize in economics. I believe that’s because they do not consider economics an actual science. And neither should we.

Milton Friedman, who won one of the fake Nobel prizes, said of his field: “Truly important and significant hypotheses will be found to have ‘assumptions’ that are wildly inaccurate descriptive representations of reality, and, in general, the more significant the theory, the more unrealistic the assumptions (in this sense).” In other words, the more significant economists think an economic theory is, the more bullshit that theory is.

And yet economists have generally succeeded in bullshitting their way into being taken seriously by otherwise intelligent people.