Quote

The complaint one makes against that anti-social jargon, which so easily passes for economic science, is that it is in ludicrous opposition to the common observation of facts. Political economy professes to be a science based on observation. But the bitter pedantry which often usurps that name usually assumes its facts, after it has rounded off dogmas to suit its clients. In practice this magazine of untruth escapes detection for two reasons. One is that the facts relating to labour are invariably seen through the spectacles of capital… The second reason which obscures the truth about industry is, that the facts about capital are almost never honestly disclosed.

Benjamin Harrison, 1872

Great explanation of why economists seem to be wrong so often about economic policies.

(via stoweboyd)

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