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This article is remarkably well balanced and correctly points out that both those who previously blindly followed economicists and those who blindly ignore them
by timwiseman 17y ago
This article is remarkably well balanced and correctly points out that both those who previously blindly followed economicists and those who blindly ignore them now are wrong. The truth of course is in between.
Economics is both a comparitively young science (at least in terms of when it was formalized) and one that deals with (or is influenced by) a very unpedictable factor, human actions. It gets many things right, and some things wrong. With time, it will be refined though by its nature it is likely to never reach the rigour and predictive power of some of the hard sciences such as physics.
This current upset is rightly forcing a reevaluation of many beliefs, but when the dust finally settles in the future, economics will emerge stronger and more accurate than before.