After a century of aping physics and abandoning classical methodological foundations, economics has failed to produce one quantitative law or formula that can be independently tested and replicated. Macroeconomic equations come and go with the fashions of modern schools of thought, but none of them has been measured objectively and replicated in a way that can allow it to be called a scientific law. That macroeconomics empowers central governments and enriches academics may help explain why it has endured.

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