Is Economics a Science? Giffen’s Paradox Shouts “No!”

Education, Humor
[caption id="attachment_16247" align="alignright" width="440"] A pair-o-ducks, get it? Paradox?[/caption] Giffen's Paradox? Economics is the study of the production, consumption, and transfer of wealth. Some view economics almost like a religion—certainly as if it was a science complete with laws and principles, predicting behavior and outcome. We are told the value of an object relates to the law of supply and demand. If three people want an object and there are only two available, it should command a higher price than if there were only two people and three were available. [caption id="attachment_16546" align="alignleft" width="270"] Namesake Sir Robt. Giffen.[/caption] Giffen's Paradox But now, say you have a new hand-held device. Sales are not the best, even though you offer a low, get-acquainted price. What do you do as a businessman to…
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Some Reasons I Disbelieve in Time Travel

[caption id="attachment_7363" align="alignright" width="440"] I disbelieve in time travel.[/caption] I love a good science fiction precept. One of the classic precepts is time travel. Books have been written. TV shows aired. Movies released. I can’t get enough of it, especially if some fresh nuance concerning time travel is postulated. Despite that, I totally disbelieve time can be traversed, or indeed that it is anything other than one-dimensional and forward moving. I have a few reasons for feeling so. The last one I present represents for me the final sword thrust, the coup de grâce, for time travel. Time Travel – My First Difficulty The first concept of travelling in time is doubtless to return to the age of dinosaurs. The notion of travel to the past is abundant in classic…
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The Futility of Forging Science into Philosophy

[caption id="attachment_6638" align="alignright" width="480"] Finding the answer.[/caption] At one time, most people were deeply religious, allowing their beliefs to direct their actions. That is, generally speaking, not the way of most of the world. Religion as a force for good is no longer the norm. In its place, some would forge science into philosophy, a substitute for religion. How futile! Science Into Philosophy Science is one of the most fascinating studies one can undertake. Science helps explain how the universe functions. But just as a hammer isn't the tool to remove a tooth, science isn't the tool to determine origins. Consider some examples. Astronomy The universe inspires believers in creation. Those not believing see only a big bang. Believers in creation can’t "prove" to the satisfaction of disbelievers that creation…
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Science: Sun Worship?

I once read that science for some is roughly the same as Sun Worship. At first, I thought, "That's ridiculous." But over the years, I have changed my mind. Why? Religion a Science? For centuries, men worshiped Nature. Foremost was sun worship. The sun imparted light and warmth. Of course, there were other gods. The moon, rivers, dogs, cats, and so on. I am a scientist - a chemist. I love science. It explains much about our surroundings and about ourselves as well. Science is the source of technological advances. But with anything good, expect misapplication, if not outright abuse. Science a Religion? Science has been glorified with almost mystic properties, as if it is the ultimate source of understanding, in a sense a source of salvation. Journalists have painted…
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