Avoiding Economic Pseudo-Science

It’s commonplace today that governments should try to promote prosperity by building their economic policy around a family of “general theories” developed in the 1930s, known today as “macroeconomics.” Over the past century, this field has legitimized centralizing a wide range of governments’ spending decisions and central banks’ policies, even when it raised deficits and debts. However, it turns out that macroeconomics is no “science.” It has only been wearing its mask.