What, no one figured out that giving loans to people that cannot pay back was bad idea? Or that speculating in other people’s speculation could cause instability? Come on!
There’s some great mathematics in economics, I’m sure. But once you act on it, the conditions change. Certainly interesting, but please do not try to make it sound like it’s comparable to physics or engineering. I used to compare economics to predicting the weather, but clouds do not watch the weather channel, freak out and start raining.
But ok, the real problem is not the theories, although a lot of them do seem to start with “given that …” and then some conditions that do not exist. The problem seems to be that Beavis and Butthead are doing the trading. Homo Economicus … yeah right.
