The biggest difference is that science accepts it's lumps and corrects them.
Yes but... Science has bigger problems correcting them, and takes much longer to do so, when political and financial pressure tempt people to look the other way. Scientists are people too.
Beg to differ. go to retraction watch.com.
As far as I can tell, there is no correction mechanism for politically based incorrect assumptions. Just as example - the job creator myth. It's still cited as gospel by many, while the evidence is clear it doesn't create jobs.
You are making the error in assuming that Economics or Finance is a science. It is called a social science , but it doesnt' work like one. People make assumptions and then form theories. The assumptions like "General Equilibrium Model" or "Rational Markets" are normative rather than what actually see to be the practice in the world. Then based on these assumptions theories are formed. These theories cannot be falsified because experiments are notoriously difficult to set up (you need entire countries) and even if a set-up is made there are 10 other possible hypothesis that explains the results.
Economics is like trying to explain ocean currents without using wave mechanics or Newtons laws.
I just need enough to tide me over until I need more. -- Bill Hoest