memes

Economics is a branch of philosophy. It doesn’t just observe norms, it creates them. Any descriptive model in economics is also prescriptive.

If a well-regarded economist publicly says the stock market will crash tomorrow, then it will crash, regardless of the soundness of their logic leading up to the statement — even if it was the result of a cocaine binge, botched autocorrect, or a stroke.

This is why treating economics like a hard science is so dangerous. If the prevailing “thought leaders” advocate for a model that says XYZ people are mathematically doomed to live in abject, dehumanizing squallor… then that’s exactly what will happen, regardless of whether that was true before they said it.

Edit: It’s also why it’s such a crime that we only teach neoclassical economics in K-12, as if it’s the One True Way™.