It's a mystery why economists persist with imperfect methods of economics

The most important part of economics is its method. In the first of a three-part series of columns, T C A Srinivasa Raghavan looks at how it is going about its business now as opposed to the past

The last week of December is always a time for reflection and introspection. This year it is particularly so. Economics, and where it is today, is a natural candidate. After all, 20 per cent of this century has already passed and we laymen must ask what it has to say for itself.

So here goes. The most important part of economics is its method. How is it going about its business now, as opposed to the past?

Until the beginning of the 1980s or so, someone would come up with a theory and then prove it with the help of