> Physics can test those hypotheses under controlled conditions
I genuinely have no idea why so many commenters on HN will spout nonsense based on high school curriculum with the confidence of a PhD when it comes to economics, but won’t embarrass themselves in other fields.
Yes, economics—particularly microeconomics—is constantly subject to experimentation. Macroeconomics is closer to astronomy, in that models are developed, novel data sources sought, old models tested and then validated or rejected. Also like astronomy, or perhaps more accurately fundamental physics, it’s currently off in a loop of DSGE optimizations which are mathematically pretty for the field but not super interesting outside it. (This work is not in that category.)
That comparison collapses instantly. Physics has invariants...Economics does not. You can’t rerun the economy under controlled conditions, so “experiments” are mostly natural or quasi experiments...statistical patchwork with fragile assumptions.
Macroeconomics isn’t like astronomy :-) Stars don’t change behavior when you model them. Economies do. There are no stable primitives, no conservation laws, just shifting behavior and feedback loops.
DSGE models are equilibrium sandcastles calibrated to past data. In physics that’s failure while in macro it’s tenure.
Economics is interesting and sometimes useful but calling it an experimental science is self-flattery.