A Mental Framework

There is a faction of economists that refer to economic theory as a way of thinking. This often offends those who consider economics to be truly scientific. But more and more I see the appeal of this perspective; I do think that economics is a lot more like applied philosophy than science. This doesn't mean I believe there isn't any truth to be found by dedicating the effort it takes to learn economic theory; just that you're never going to get anything equivalent to the predictive power of applied physics. You can't build an society with economics the way you can built a catapult and get a good sense of how to aim it using physics.

I also think that speaking of an economic way of thinking is more likely to encourage a level of humility not enjoyed so much by those who believe they are presenting arguments with cool,scientific indifference.