"In economics, hope and faith coexist with great scientific pretension and also a deep desire for respectability"

John Kenneth Galbraith highlights an inherent duality within the field of economics: a discipline that aspires to scientific credibility, yet is also suffused with subjective elements like hope and faith. Economics, unlike the deterministic sciences such as physics or chemistry, often deals with human expectations, aspirations, and unpredictable behaviors. Hope and faith manifest in the form of beliefs about markets stabilizing, policies leading to prosperity, or recessions giving way to booms. These elements are necessary because economic models and predictions inherently involve uncertainty and lack the precision of natural sciences.

Simultaneously, economists often present their ideas with the trappings of rigorous science. They use complex mathematics, statistical techniques, and theoretical frameworks to provide an aura of objectivity and accuracy. This “great scientific pretension” is necessary for the discipline to be taken seriously, both within academia and by policymakers. Mathematical models, regression analyses, and equilibrium theories foster a sense of definitiveness that may not truly exist, but which lends weight and respectability to conclusions drawn.

Underlying this is a yearning for recognition and validation. Economics, historically viewed as less exact than the physical sciences, strives for equal stature and authority. Professionals in the field are aware of the limitations imposed by human unpredictability and limited information, yet they are driven by a “deep desire for respectability” to make their methods and conclusions as polished and convincing as possible. This sometimes leads to overconfidence in the explanatory power of economic models or undue reliance on them for policymaking.

The field of economics thus stands at a crossroads of aspiration and limitation: it depends on human hopes and faith for forward progress, yet cloaks itself in the apparatus of science to command respect. The interplay of these elements shapes both the practice and public perception of economics, highlighting its unique position among the social sciences.