Alex ROSENBERG :: What Is Economics Good For? . [uncertain outcomes from central bank policies] - http://opinionator.blogs.nytimes.com/2013...
Aug 26, 2013
from
Andrew C (see frenf.it)
and
Greg GuitarBuster
liked this
"Economics employs partial differential equations like those in a Black-Scholes account of derivatives markets, equations that look remarkably like ones familiar from physics. The trouble with economics is that it lacks the most important of science’s characteristics — a record of improvement in predictive range and accuracy. [L]ike musicians’, economists’ expertise is still a matter of craft. They must avoid the hubris of thinking their theory is perfectly suited to the task, while employing it wisely enough to produce some harmony amid the cacophony."
- Adriano