4 ms·
Sure; Keynes coined the term "animal spirits." Yet the criticism (that economics is too modelling-based) is widely levied, e.g. see https://www.theguardian.com/
by md_ 5y ago
Sure; Keynes coined the term "animal spirits." Yet the criticism (that economics is too modelling-based) is widely levied, e.g. see https://www.theguardian.com/commentisfree/2016/sep/19/its-time-to-junk-the-flawed-economic-models-that-make-the-world-a-dangerous-place https://www.theguardian.com/commentisfree/2016/sep/19/its-ti..., https://aeon.co/essays/economics-is-once-again-becoming-a-worldly-science https://aeon.co/essays/economics-is-once-again-becoming-a-wo....
Is it the whole story? Probably not. Like I said, I'm not an economist.
But given the extreme challenges in empirically testing macroeconomic models, it should be no surprise that economists might--as somewhat irrational humans--over-rely on theoretical models.