In the article The Economist has no Clothes in Scientific American Robert Nadeau uncovers the roots of “modern” economic theory in old formulas from physics that has long since been proven wrong in physics.
In addition the economists replaced physical units with economical in a strange way that has never been shown to be correct.
I studied some economica at the university and have always been sceptical towards the strong belief of mathematical formulas to formulate such things as happiness and utility.
Far too little consideration is given to human emotions when it comes to economic decisions.
Filed under: Economics, Practical intelligence | Tagged: Economics, intelligence
