||Central Bank Of Barbados
In his brilliantly titled “Twilight of the Money Gods” published by Simon Schuster earlier this year, John Rapley prosecutes the case that economics is a religion, not a science. He argues that much of what counts as economic theory is doctrine, supported by a story or belief, not evidence. Economists would counter, that they follow Karl Popper’s philosophy of science. They establish hypotheses and use data to refute them. Economists cast away refuted theories and add to the canon of theory those validated by the data.
Book Review by Avinash Persaud_Twilight of the Money Gods_Economics as a Religion and How it all Went Wrong by John Rapley.pdf