The problem at base is that economics is not a branch of mathematics or statistics, no matter how much economists wish it was. Never forget that the economics equations you see, the pretty graphs and charts, are just educated guesses that are wrong more often than not — economists love the gloss of the hard sciences, but the truth is that the field is firmly placed among the philosophical and sociological disciplines. Economics is a study of human behavior more than anything else, with all the uncertainties and confusion that entails.
“Monty”, “DOOM: I like that Doom Doom Pow”, Ace of Spades H.Q., 2011-10-31
October 31, 2011
QotD: Economics is not a “hard science”
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