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Nov
23

It is time to dethrone economics

Modern economics at its worst is ideologically driven by people who pursue false premises to absurd conclusions, and like their religious and political predecessors come to believe that those who disagree are driven by ‘woeful ignorance or intentional disregard’.

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Economics does it have any use? | No Straight Lines
Review of the book What’s the Use of Economics?

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5 comments

  1. Mike Byrnes says:

    +Chris George Thx. I still believe that there are patterns of human choices that are worthy of study.

  2. Andrew Ragland says:

    Economics has its uses. Unfortunately, it's got a higher than normal bullshit ratio, and a greater chance of fanaticism by its followers than any other study. Albert Einstein told Niels Bohr that God does not play dice with the universe, but quantum physics got serious discussion anyway.

  3. risa bear says:

    For that, you are going to need humans.

  4. Jon Murray says:

    Economics is, to be truthful, the study of scarcity. Or that is what my professor claimed.

  5. laurie corzett says:

    There appears to be a spell long cast upon the people to integrate into our basic understanding of the world this idea of market based economy as a given. Economics, money, even mathematics, are human constructs, ideas, not reality. When economic systems, ideas we have joined in promoting, do not well serve human enterprise and needs, the people ought not feel it is we who must adjust to serve the economy. Rather, it is those ideas that need adjustment to better fit our purpose.

    There is a reason economics is a "soft science". Just because you can put math around it, doesn't make it much more than speculation.  Economics, far from a science, is just a set of theoretical applications of group psychology.

    I keep hearing about shared sacrifice when the obvious solution to economic downturn is shared prosperity.

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