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| Authored by: stegu on Friday, June 15 2012 @ 04:22 AM EDT |
Modern economic theory of almost any kind is a travesty, I'd say. That is an
extreme, bitter and cynical standpoint, I know, but I have seen enough of bad
so-called "predictions" from "models" that are no more than
guesswork or weak and improperly conducted correlation studies to make it my
firmly held opinion that economics, as it is defined and applied today, is
fatally flawed and is very likely to go down in flames unless it is
fundamentally reformed.
Making a system introspectively and strongly dependent on its own self-induced
oscillations is an open invitation to chaos. Economists try to apply systems
theory to human behavior (which is what economics is fundamentally about), but
at the same time they try to ignore the most basic rules of stability, or even
claim that they somehow don't apply. I am at the sidelines, watching helplessly
as they paint the world into a corner while claiming that the walls we are
pressed up against are not really there, or they will magically disappear soon,
don't you worry.
(A bleak outlook, sorry, but this has been nagging me for some time.)
[ Reply to This | Parent | # ]
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