Economic Glossolalia

This post by Mish Shedlock well illustrates the absurdity of mainstream economics; where are the equation terms for hope, fear, anger, frustration, greed, envy and so on?

Markets are non-deterministic for all practical purposes because the critical state variables – the states of the actors – are unknowable. The math that Mish so rightly ridicules is wrong because it relies on an abstraction which has thrown away almost all  of the important information about the underlying system, because it is either unknowable or mathematically intractable.

These economists should have had a course in epistemology.

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