"Lost" implies some kind of regression. The truth is that economics has always been exactly the way the author describes. The economy is full of human actors

"Lost" implies some kind of regression. The truth is that economics has always been exactly the way the author describes. The economy is full of human actors who are irrational, who act based on their expectation of how others will act, and many of whom study economic theory and follow the pronouncements of economists. Imagine how difficult astronomy would be if stars adjusted their spectra according to their anticipation of spectral trends, which was informed by emotion and by their reading of physics papers. Now imagine astronomers beaming spectral fashion magazines at the sun and being held responsible for skin cancer rates and crop yields. Imagine interest groups representing growers of different crops at different latitudes, as well as sunscreen industry groups, all beaming their own spectral fashion magazines at the sun. If that were the case, I doubt physicists would have had enough confidence in their understanding of the solar spectrum to deduce the existence of a new element from it [1]. [1] http://www.universetoday.com/53563/who-discovered-helium/ http://www.universetoday.com/53563/who-discovered-helium/