Here's a concrete example of a paper [1] that just came out, attempting to impact COVID19 policy, from a very "respectable" set of academics at Yale -- that is based on a flat out fabricated economic model:
We focus primarily on the moderate scenario. That is, our baseline assumption is that diminishing returns play a larger role than accelerating returns (so that α ≤ 1) but not so large that they lead to α < 0. We stress that U depends both on the variation in economic value attached to different activities and on the model governing the disease transmission
Translation: we made some equations that makes the BAD thing BAD and the GOOD thing GOOD.
[1] https://www.medrxiv.org/content/10.1101/2020.05.19.20107045v...
This construction makes it seem like you view social sciences as a subset of humanities. I was taught that neither is a subset of the other.
Where did you get your impression from? I assume it’s not the university in your username, since I’m certain they don’t share this view. (Source: I’m married to a humanities professor at that university. Also: https://exploredegrees.stanford.edu/schoolofhumanitiesandsci...)
It's like doing a car crash safety simulation and stating that the airbag provides protective force "linearly proportional to the force of impact, with alpha > 1" ... without ever measuring it or doing any calculations on why this would be the case. Would you drive in a car that was tested this way?
I'm not saying either that this phenomenon never happens. I just think it's rather rare, especially among sensible and skilled economists. See also the great Bob Sugden's paper "Credible Worlds", which is available here at the moment.
https://www.researchgate.net/profile/Tony_Lawson2/publicatio...
I hate to be the one to say this -- but most of modern economics is crap, given how reflexive it is. People know how the fed acts -- they know how policy makers act. The models don't take into account this reflexivity.
Someone like George Soros is a thousand times more savvy on how the economy works than post-docs publishing econometrics papers for $40k a year.
It makes sense, though, with the incentives most academic journals put into study authors. Nothing's sexy about disproving some random model fits.
I think a change of bureaucratic structure might be needed, like funding for every study should include funding for at least one independent replication.
Not only would the replication itself cull some of the false results, but knowing a replication was coming might make researchers more open and honest, ie. less p hacking, document more of their methods and in greater detail, etc.
I think the issue here is very similar to the one in predicting the weather. The uncertainty of our models increases so quickly that we can only predict a relatively short amount of time ahead (in the case of weather it's about 1 week [0]). We can see patterns in human behavior, but the uncertainty just grows too quickly for long-term predictions. Small things that are hard to account for can make a big difference in where even large groups of people end up at.
[0] https://www.yourweather.co.uk/news/science/long-range-weathe...
Even a lot of engineering deals with similar types of uncertainty. We build huge structures out of metal, concrete, and wood on top of soils and other geological materials, often with the assumption they they are all homogeneous with constant material properties through the structure (they aren't). However, we can do this because the variations in properties tend to average out as the material sample gets larger. If we try to make the same assumption on very small scales, we find that there is a lot more uncertainty and our predictions aren't going to be as accurate. We see this in physics and many other scientific fields as well.