Rosenberg on the Nature of Economics

Alex Rosenberg talks with host Russ Roberts about the scientific nature of economics. He talks about whether economics is a science and surveys the changes in economics over the last 25 years--the rise of experimental and behavioral economics. He argues that economics has become more scientific and that economists have become more aware of flaws in economic theory. But he also argues that economics is unable to make precise predictions about the effects of various changes in policy and behavior. The conversation closes with a discussion of the role the philosophy of science can play in the evolution of economics.