[atmosx]

You can't apply the scientific method and when coming back in the real world leaving models and presumptions aside you see that economists never play an important role. They easily justify their failures no matter how big. You can't even trust history books to tell you if the X policy was a success or failure.

In order to understand economics in my view, you have to know how politics work. Politicians and nations or people in power at any given time can turn a debt to 0 or to a war. Of course in a democracy it's more complicated, but generally that's the main idea. The their puppets try to justify the move.

It is what is happening in Greece, in the USA, in Italy and in other parts of world.

Rationality and math has little to do with economics. So since economists never predict anything really (when they do they get a Nobel), I hardly see this as a science.

As for the argument that physics or biology is not a science, I can know this: the same experiment can done time and again giving the same result. Try it in real-life economics...

[yetanotherphd]

Lacking predictive power is indeed a big issue of economics.

However you are completely wrong about sovereign debt. It is a minor issue, and defaults almost never result in wars. Argentina defaulted or restructured its debt 4 times since 1980.