Economics = Pseudoscience. In America its the most disgraceful thing imaginable, as rather than being a measure of economical activity as is claimed, economics are rather the means used by our government and financial institutions to lie to the public about the true state of our collective society. Notice how economists in the U.S are constantly touting low unemployment rates, yet the data both economists and the government use to denote the level of unemployed actually excludes the majority of those who're unemployed. Once your unemployment benefits run out, you're not considered unemployed, and as far as the government is concerned, you no longer exist in terms of economics data.
We have a population of a little over 323 million people, yet only 125 million are in the U.S workforce today. That leaves 198 million more individuals. Even if you discounted those who are of retirement age, not old enough to work, and those who are disabled, there's still at least 75 million U.S citizens who are not employed, yet of working age and decent enough health to actively be in the workforce. The current U.S. unemployment rate is stands at just 4.1%, but if that data were to include those who're of working age and not in the workforce, the numbers would be more like 40%.
Economics is literally used as a means to keep monetary systems stable by painting a false picture of stability in an environment where stability itself is practically non-existent. As is stated in the video, "The dream of the economists has always been to be the engineers of the new order, in the service of their natural employers"; hence, the government and central banks.
My take on all of this...Its not that economists are bad predictors, or that they're bad at making predictions and calculations, but the real issue at hand is their purposeful intent to lie about the facts surrounding the true state of our collective economy. I read an article on Bloomberg a few months back where an economist admitted that a very large portion of America's working age populace were not in the workforce, in which he proceeded to state, "What are these people doing, why are they not working?" He knows why, but he chooses to play dumb, because its his job.
If the economy were as wonderful as the government and economists state it is, then why do only 1 in 5 people have jobs here in St Louis where I live, why have we lost tens of thousands of businesses in less than 2 decades, and why are people here killing each other for food? We're all being lied too, and sadly, much of America, even those who live in poverty are dumb enough to buy into the lies of economists.
The facts speak for themselves, if 99% of the U.S population were dying of starvation, the economists would still continue to report about how wonderful the economy is.
As for catallactics, this denotes a certain mindset, not an actual state of affairs. The "Economy" as we call it is still controlled by the banks and the government, as is the majority of our society's wealth, not by the general populace. Its the golden rule, he who has the gold rules. Anyway, Nice video!