Economics is not a tough science,and mathematical models won’t explain why people behave as they do. A much broader perspective is neededThe Guardian recently asked nine economists whether we’re heading for another global financial crash and they gave many different answers. Yet still we turn to economists as if they were physicists, armed with scientific predictions about the behaviour of the body economic. We consumers of economics, and economists themselves,need to be more realistic about what economics can do. More modesty on both the supply and the demand side of economics will produce better results.
Following the considerable crash that began nearly a decade ago, there has been some soul-searching about what economics got inaccurate. Probably the self-criticism should bear been more far-reaching, and both in academia and banking,but it’s there if you look for it. In specific, the economic thinkers loosely clustered around George Soros’s Institute for unique Economic Thinking (Inet) bear produced a telling account of what went inaccurate.
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Source: theguardian.com