Comment by 6gvONxR4sf7o
6 years ago
You can say the same about any field. Nobody understands all of physics. Or biology. Or finance. That shouldn't prevent us from giving them clear places to start and giving them overviews.
6 years ago
You can say the same about any field. Nobody understands all of physics. Or biology. Or finance. That shouldn't prevent us from giving them clear places to start and giving them overviews.
This is wrong. Just spend some time in finance, then spend some time in a field which is closer to a hard science and you'll realize it. As an example, most theories in physics are pretty darn good - ie you can use them to predict the outcome of something. Most theories in finance and economics are pretty darn bad - ie you can't use them to do anything useful.
This!
There is a joke that goes like this: Economist is the one that will tell you tomorrow why their prediction was wrong yesterday!
As an outsider to economics, I feel like there's much more science in physics/biology, and too many factors in economics for people to make accurate prediction at the moment.
Biology is the ultimate horribly complex poorly understood set of systems.