Economics as a science can only provide us with the basic principles - elasticity of demand for example, after that it cannot be scientific because it can't take into account all the unknowns. For example all the selling on of credit that went on in the last 10 years or so. Science in a lab suffers from the same delusion - it's like you mention Brian, it is based on empirical or measurable data - nice, but only if the original data is correct.
I think science has painted itself into a corner particularly with the focus related to 'scrutiny'. What has happened is that a research team bases its theories (to prove or disprove) on previous research and they will reference that research (research which at the time was subject to scrutiny) but that research team will have done the same - rinse and repeat. What you end up with is research being produced now which is formulated on findings back from the 1940s or even earlier. At the time, of course, the results of such research were deemed to be correct based on current knowledge - yet time may well have proven those conclusions to be incorrect - but no one takes this into account in the current day.
It's very easily done. And more so due to the internet.
I'll give you an example (although I could do a couple of doozies!) Back in 1969 Oliver Sacks started his work on LevaDopa with post encephalitic patients - it turned out, as anyone who has ever watched the film Awakenings will know that the patients became extremely sensitive to LevaDopa and the maintenance regimens were not titratable as was first believed. ie in each individual, unlike in the lab, X amount does not produce Y result. So, some patients could be given 5gm of Ldopa initially before they produced extreme side effects, yet after a drug holiday they could be given a much reduced dosage such as 100mg and produce the same.
So they were 'sensitive' to Ldopa.
Go anywhere on the internet and look up information on it and you will see that this has now been interpreted as the patients becoming 'resistant' to Ldopa ie no matter how much they gave them ultimately it didn't produce a change in their condition.
I was fizzing about it (because I'm a bit sad and fizz about strange things) but my head nearly blew off when I read a 'RESEARCH' paper based on the same assumption. That the patients develop a resistance to Ldopa - who the hell funded that!
But one error - one assumption - and this will spread like wildfire. Many research teams who come along in future will look at that research study and use it to underpin their own research - and on it goes.
We cannot, even in economics, assume that the research community at the time had got it right. They could only base their conclusions on what was known at the time. Even then, the simplest error can reduce formulas and principles to complete nonsense. Oh, and add on to that, the unknowns, because no one would or possibly could, have ever envisaged things like credit default swaps in the money markets and you basically end up in chaos theory land.