My definition of Macroeconomics is in part:

The study of overall statistics about income, debt, production, and employment. You would think that statistics are dull, but macro economics is a center of intellectual ferment. Motto: “We just don’t know, but we are willing to guess”. Critics say that it is history confused by mathematics, or mathematics splattered by history.

Macroeconomics is Astrology, Not Science

Frank J. Tipler is Professor of Mathematical Physics at Tulane University.

He says: “Our leaders are being advised by macroeconomists who haven’t got a clue where they are leading us. Their actions may lead us out of the current recession, or they may lead us into a depression as bad as the Great Depression.”

Science is about prediction and precise explanation. It is not enough to construct a different explanation about each past event. Science must produce a single, precise explanation for all of the relevant past events.

Then, real science predicts the future and is testable according to those predictions. If a “science” cannot predict what will happen, then it is clear that it does not understand enough about what is going on, and of course it is of no practical use in arranging for a better life.

Real scientists bend over backwards to make their data, methods, and results available for review and criticism. This corrects for personal bias, and allows for quickly sorting out the truth. A true scientist tries to examine all possible explanations that could explain his results, before believing that his new analysis is correct.

You often hear about a supposed scientist withholding data or methods. He may complain that it is beneath him to release data to people outside his field, or complain that he has no time to give information to his critics. This is an indication of a closed mind, or someone afraid that his results won’t survive review. It is the mark of a pretend scientist who cannot be trusted.