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As much as economists hate to say it, economics is a social science. Sure, it's the pretty sister of the social sciences but at the end of the day it can't igno
by jerojero 4y ago
As much as economists hate to say it, economics is a social science. Sure, it's the pretty sister of the social sciences but at the end of the day it can't ignore people's behaviours and with this comes a lot of unpredictability and uncertainty.
There are simply too many moving pieces to be able to properly predict things, until you've got certainty that all the right pieces have moved you can't really say much. But of course, part of being a good economist will involve being able to see the major possible lines and adjust your models based on that.
In any case, we've had financial crisis over and over again so it's clear they're a feature of the system rather than an exception and I think maybe there could be some dogmatic elements to this; it might be difficult to accept the flaws in the system which might let you view things in a more positive way than what reality really is.