4 ms·
Correct, you could generalise it further as: people believe economics reflects reality, not that they are simplistic models used to facilitate a political idea.
by dwd 8y ago
Correct, you could generalise it further as: people believe economics reflects reality, not that they are simplistic models used to facilitate a political idea.
The only economist I've heard of coming close to creating an all encompassing model is Steve Keen. It was through his work on debt cycles that he called the GFC before it occured.
https://hackernoon.com/debunking-economics-and-why-bitcoin-will-fail-with-steve-keen-51f51eb9a477 https://hackernoon.com/debunking-economics-and-why-bitcoin-w...
- Nasrudith 8y agoEconomics do reflect reality but not in advance necessarily - granted in that case it is a reflection after reality comes knocking and it is clear that maybe mercantilism was a bad idea after all of their colonies revolted over a lack of representation and misrule bad enough they started doing /better/ economically after severing ties with their large home country. In hindsight that suggests majorly underutilizing the potential of the colony and colonists.