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I kept waiting for the authors to define “science,” but I was left unsatisfied. The authors’ thesis appears to be “people disagree, so it’s not a science.” Um, if this is how it works, I think someone forgot to inform Copernicus. They do have an interesting quote about how some economic disagreements can’t be resolved by even the best data, but, unfortunately for the authors, I don’t think that most economists would agree with the quote. Furthermore, even when economists do agree with the principle, they understand that much of the disagreement is about normative value judgments, which are a bit removed from the actual science of economics. (In other words, just because you see a decent amount of economists playing armchair political philosopher doesn’t mean that economics is political philosophy.)
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But that was offset on Friday by fresh signs of a pick-up inthe pace of economic growth, with data showing the UK economyhad grown more than first thought in the second quarter - comingon the heels of a batch of upbeat macroeconomic data from aroundthe world on Thursday. Germany also confirmed solidsecond-quarter growth.
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Summers has closer ties to the White House after serving as a top economic adviser to President Obama during the depths of the Great Recession. He also served as Treasury Secretary under President Clinton and presided as president of Harvard.
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At the same time, Chile, Colombia, Mexico and Peru have set up their own rival trade bloc, the Pacific Alliance. Despite Mercosur's restrictions, Paraguay has successfully applied for observer status and Uruguay has said it wants to become a full member.