"Economics has never been a science - and it is even less now than a few years ago"

Paul Samuelson's quote, "Economics has never been a science - and it is even less now than a few years ago", reflects a critique of the prevailing understanding and approach of economics as a discipline. By claiming that economics has actually "never been a science", Samuelson challenges the idea that economics can be studied with the same empirical rigor and predictability as the natural sciences, like physics or chemistry. Conventional sciences count on quantifiable, observable phenomena that can be evaluated through controlled experiments to yield constant outcomes. Economics, on the other hand, handle complex systems affected by human habits, cultural norms, and unpredictable external factors, which makes its outcomes less specific and more susceptible to irregularity.

The assertion that economics is "even less [of a science] now than a couple of years earlier" suggests an understanding of increasing intricacy or unpredictability in financial phenomena. This could be due to factors such as globalization, technological improvements, political instability, and fast modifications in customer behavior, which make complex economic modeling and forecasting. The recent worldwide financial crises, trade wars, and shifts in financial policy paradigms showcase how conventional economic theories and designs often disappoint properly predicting economic results or assisting effective policy-making.

Samuelson's observation highlights the requirement for humility and flexibility within the field of economics. It calls for recommendation of the restrictions in economic forecasts and models, promoting for a more interdisciplinary approach that integrates insights from psychology, sociology, and government. This perspective motivates economic experts to remain open up to brand-new methods and varied point of views to much better comprehend and attend to the complex difficulties dealing with international economies today.

In essence, Samuelson's declaration stresses the continuous debate about the nature and approach of economics, highlighting its inherent unpredictabilities and the importance of continuously developing the field to attend to contemporary challenges efficiently.