The Difference Between Economics and Faith

Modern economics is indistinguishable from faith because it lacks falsifiability criteria. Economic explanations routinely invoke “the market” as a self-correcting entity, yet no explicit observation is defined that would falsify its claims. When all outcomes, growth, collapse, inequality, and stability, are interpreted as confirmation, then the theory is unfalsifiable. Moreover, if proving it requires time, then how much time does it require? A scientific answer must specify timescale, conditions, and/or stopping rules. An unfalsifiable system does not meet the criteria of science and is epistemically equivalent to faith.