No doubt there are a lot of really awful economists among the ranks of the “heterodox” who reject mathematical modeling so they can “speak to the reality of our time.” What seems to be “reality” to people like Robert Reich is often nothing but wishful thinking.

However, there isn’t anything necessarily good about mathematical modeling in economics. The Austrians have no use for it. I think Murray Rothbard was right in saying that there isn’t anything in economics that can’t be expressed more clearly in plain English than as mathematical equations.

Economics is about understanding purposeful human action. Many economists today hide behind a blizzard of numbers because they don’t really have anything to contribute toward that end.