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RE: Why Economists Are Always Wrong

in #economics7 years ago

As always, you hit on a great point. Economics is poorly designed to be a science and it was never intended to be. The fact remains that it relies on rational decision making by consumers and policy makers. Unlike physical science, where actions can be repeated without differentiating. I talk about this extensively with my clients and with students when I speak. People are often not rational in their spending decisions and they are easily influences by outside sources not acting in the consumer's interest. The idea that war builds wealth is a great example of this - See "Broken Windows Theory". Thanks again for taking the time on the video. Well done.