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Submission + - Why Economic Models are Always Wrong (scientificamerican.com) 4

mayberry42 writes: Did you ever wonder how and why professional economists often seem to get it wrong in terms of predicting consequences or policies accurately (or even at all)? Or how very few even saw the current economic collapse? This article provides an interesting, if obvious, reason as to why economic models are effectively always wrong. Of course, the recent press conference with the two recent nobel prize winners does not bode well to our most beloved social science either.
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Why Economic Models are Always Wrong

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Sigmund Freud is alleged to have said that in the last analysis the entire field of psychology may reduce to biological electrochemistry.

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