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What makes assessing the discipline so challenging is the very nature of the subject, which is a strange mixture of science and commonsense.The sole reason for the immediate crash may well be that the economist predicted it. An economist who is known to be able to forecast crashes with a lead time, and can demonstrate this ability, is a logical impossibility.There is no denying that serious empirical research has helped make economics the important discipline that it is today.Ailing economies and crumbling politics prompt big questions about the discipline's foundations.All science, including economics, is based on assumptions."Normal science" must continue, but it is also time to examine the theoretical foundations of the discipline.
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