Economics fails to be a science for three fundamental reasons: Indeterminacy, Multiplicity and Non-verifiabilty. The first weakness, Indeterminacy, refers to the well-established fact that practically all economic models fail to provide unambiguous theoretical predictions, hence theory does not...

Adam Smith’s economic system followed his philosophical convictions. The policy conclusions came before the analysis. To support his policy of Free Trade, or rather, the ‘system of liberty’, Adam Smith gradually built up his economic system , from the Lectures on Jurisprudence to the...