Quote Originally Posted by Presley Cannady View Post
I agree with a number of Galbraith's conclusions regarding the state of the field, but very little about why economics is a failure. Fundamentally, I have no reason to believe economics could have ever succeeded--corrupt machinations or not. Certainly, it will never succeed with the mathematical toolkit economists presently bring to bear.
You are right and James would agree with you. If you go to the back of the book I recommended you will see that James recommends that future economics rest on 3 Pillars, to use the jargon of the day. And they are Planning,Engineering,and Basic Scientific research. No Econometric Math toolkit required.