The Predictive Limitations of Economics Compared to Natural Sciences

Natural sciences utilize precise equations and defined units to make accurate predictions, such as calculating pressure from volume and temperature. This precision allows scientists to derive expected outcomes that can be empirically tested. In contrast, economics lacks the same level of definable units and precision, hindering its ability to produce accurate quantitative forecasts. The complexity and variability of economic factors prevent economists from providing specific predictions, like GDP growth rates or inflation, with the same reliability as in the natural sciences. This fundamental difference constrains economics to a qualitative rather than a quantitative framework for understanding systemic outcomes.