Mencius Moldbug --
When we use the word "economics," we are conflating two completely distinct disciplines. Worse, at most one of these disciplines is right - each despises and condemns the other. It's as if English had one word stellatry, which meant both astronomy and astrology. [...]
The method of quantitative economics - including both econometrics and neoclassical macroeconomics - is to construct mathematical models of economic systems, ie, systems of independent, utility-maximizing agents. The purpose of quantitative economics is to predict the behavior of these systems, so that central planners can manage them intelligently.
The method of literary economics is to reason clearly and deductively in English about the behavior of economic agents. The purpose of literary economics is to construct and convey an intuitive understanding of causal relationships in economic systems.
Clearly, these fields have nothing in common, either in methodology or purpose.