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Why economics has failed so miserably .[embedded content] The economy is — as emphasised by both Keynes and Soros — pervaded by genuine uncertainty and reflexivity. The uncertainty makes the future difficult to anticipate and reflexivity often makes our expectations about the future something that actually changes the future. They both severely undermine the explanations and predictions that are made within the standard economic models.
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Lars Pålsson Syll considers the following as important: Economics
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Why economics has failed so miserably .[embedded content] The economy is — as emphasised by both Keynes and Soros — pervaded by genuine uncertainty and reflexivity. The uncertainty makes the future difficult to anticipate and reflexivity often makes our expectations about the future something that actually changes the future. They both severely undermine the explanations and predictions that are made within the standard economic models.
Topics:
Lars Pålsson Syll considers the following as important: Economics
This could be interesting, too:
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Why economics has failed so miserably
.
The economy is — as emphasised by both Keynes and Soros — pervaded by genuine uncertainty and reflexivity. The uncertainty makes the future difficult to anticipate and reflexivity often makes our expectations about the future something that actually changes the future. They both severely undermine the explanations and predictions that are made within the standard economic models.