Quote:
Originally Posted by redpoint5
It's at least as much a field of science as climatology or meteorology. Economics has predictive power, which lands it squarely in the sciences. The problem, like with climate, is that there are so many variables at play. The outcome of something depends not only on what we know about the factors, but how people feel. The more basic economic principles that have fewer confounding factors have stronger predictive power.
While I haven't studied the subject much (I don't follow news), the trade war with China is probably long overdue. The appropriate response to a tariff is a tariff, with the goal of both sides eventually reducing or eliminating them. Trade works best for all when it's free.
|
I'm probably two-weeks out from completing Zombie Economics.I'll wait until then to address the economic issues.However,at half way through the book,since the early 1970's economists have been batting zero.And Laissez faire has been a complete failure.Capitalism appears to be the most inefficient and expensive form of an economic model.$4-trillion in losses in 2008 alone.
All gains from 1945-through 1976 were lost.
I absolutely disagree with your comparison between climate science and economics.There appears to be no factual evidence to support your assessment.I'll know more over the coming two weeks.Appreciate your patience.