The Secret Sins of Economics

The Secret Sins of Economics is a critique of modern economics by economist and historian Deirdre McCloskey. In this compact work, McCloskey examines two major flaws she identifies in the economics profession: an overreliance on statistical significance testing and a fixation with social engineering through government policy. McCloskey challenges the mathematical and quantitative focus that dominates current economic research and academic publishing. She argues that the field's obsession with p-values and regression analysis has led to research that prioritizes statistical techniques over real economic understanding. The book analyzes how economists position themselves as policy advisors and social engineers, despite what McCloskey sees as their limited ability to predict or control economic outcomes. Through specific examples from academic economics, she demonstrates the gap between economists' claims of scientific precision and the actual complexity of human economic behavior. This work serves as both a warning about the current state of economics and a call for reform within the discipline. The text raises fundamental questions about the nature of social science and the relationship between mathematical models and human reality.

Readers find this short essay offers a candid critique of economics as a discipline. McCloskey's challenge to academic economics receives appreciation from readers who agree with her views on mathematical formalism and statistical significance. Likes: - Clear and concise writing style - Accessibility for non-economists - Focus on practical vs theoretical economics Dislikes: - Some find the tone overly negative/cynical - Limited solutions offered for problems identified - Brief length leaves arguments underdeveloped Amazon rating: 3.7/5 from 12 reviews Goodreads: 3.8/5 from 31 ratings One reader on Goodreads notes it "strips away pretense from academic economics." An Amazon reviewer calls it "a short but potent critique of modern economics' obsession with mathematical modeling." Several academics on academic review sites cite it as a useful critique of economics' methodological issues, though some argue McCloskey oversimplifies complex debates within the field. Note: Limited review data available as this is a relatively obscure academic publication.

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🔸 Deirdre McCloskey underwent gender transition in 1995 at age 53, making her one of the most prominent transgender economists in academia, and she has written extensively about her experience in her memoir "Crossing." 🔸 The book argues that modern economics suffers from two major sins: an obsession with statistical significance and a fixation on qualitative prediction over actual understanding of how economies work. 🔸 McCloskey has taught at the University of Illinois at Chicago as the Distinguished Professor of Economics, History, English, and Communication, showcasing her rare interdisciplinary expertise. 🔸 As part of her critique of economics, McCloskey coined the term "prudence only" economics to describe how the field reduces human behavior solely to rational self-interest, ignoring other virtues like love, faith, and justice. 🔸 The book is notably concise at just 37 pages, yet has become influential in discussions about reforming how economics is taught and practiced in academia.