Re:Bad Economics
by Retric on Monday March 21, 2022 @12:31PM
(#30756092)
Even we accept your premise, that doesn’t mean Economics its self is actually accurate or useful.
At a minimum in 100 years I expect current macroeconomic theory to get as much respect as phrenology does. One of the basic failures is you can’t abstract away the underlying mechanics of societies. Changing the federal funds rate doesn’t help if your in the Zombie apocalypse movie. Granted in the real world you might be dealing with drought, soldiers, or empty oil wells rather than Zombies, but the same basic mismatch still applies.
At a minimum in 100 years I expect current macroeconomic theory to get as much respect as phrenology does. One of the basic failures is you can’t abstract away the underlying mechanics of societies. Changing the federal funds rate doesn’t help if your in the Zombie apocalypse movie. Granted in the real world you might be dealing with drought, soldiers, or empty oil wells rather than Zombies, but the same basic mismatch still applies.