What’s Wrong with Economics? A Primer for the Perplexed

[BidenPresident]

Skidelsky’s targets can be grouped into three main features of contemporary economic thinking: its intense mathematization, its caricatured portrait of human psychology, and its isolation from the other social sciences. Some economists, Skidelsky concedes, may object that he presents a caricature of his own. They are right, in one sense: he pays more attention to economic theory than economic practice, which has changed significantly over the last few decades.

On the other hand, Skidelsky retorts, “it is the caricature which rules the textbooks”—and the textbooks matter. They function, in particular, as instruments of indoctrination. Students might better resist the “slide into ideology,” Skidelsky mischievously suggests, if they pressed their university lecturers to defend the “toy models” their books throw at them.

https://bostonreview.net/articles/bad-economics/

 

[Nordberg]

Economics is a vague system that really has been unable to solve the problems at national and international levels. there are many schools of thought with varying concepts of how to run an economy. They all have problems and fail. If it were science we would have installed the right one and stuck to it. Another problem is the changing variabilities. there are new factors constantly arising that were unpredictable, like Covid and war.
Every admin picks their economic leaders and gives them pretty much free reign because politicians really are not schooled in the fundamentals.