Fallacy of Composition: Science vs Engineering
Many a macroeconomist refers to “empirical science.” Is physics one? Is chemical engineering another? Is economics a third? Is finance a fourth? Is macroeconomics yet another? What about “political science”? Science for Abstract Theories . Through history, mathematics used to be named as “science” (e.g. J.S. Mill, 1861). In modern times, it is not so any more. Particularly in the US, the term STEM differentiates science, technology, engineering and mathematics from one another. Generally speaking: ① Science is of idealized abstract theories from observations and experiments of the reality, natural or economic. ② Technology is a set of theories and other knowledge more or less readily applicable to the practice. ③ Mathematics is for the sake of convenience in calculation while being silent to causality and blind to metric of dimensions and scales. By the way, measurement is one calculation is another; the former with metric the latter...