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RE: Hey Steemit, does anyone really have the ability to make economic predictions? [dTube]

in #money7 years ago

I tend to agree. Ultimately we live in an economy of an infinite number of potential variables all changing at various rates. Economic models can only reduce the complexity of our economic systems to a certain degree. I would also suggest that our models for measuring economic productivity are inherently flawed. Example: Say I have a child and you have a child. One day both our children are sick and we have to stay home to take care of them. That would be considered a loss of productivity. HOWEVER if I pay you to take care of my child and you pay me to take care of your child, these "economic transactions" are seen as increasing "economic productivity" even though it's essentially a wash. With that being said, like any good use of science the field of economics should always be questioned and hopefully evolve over time....