If Only Economics Was as Easy as Rocket Science

Engineering, and it’s use of the physical sciences, is grueling. However, I think humans err in when they attempt to equate planning an “economy” to the physical sciences. An economy comprises humans—all of its participants have varied values, and unique objectives. Attempting to plan out an economy, while using technical tools, can lead to some erroneous outcomes. This does mean to imply the technical tools are not needed in the world of economics, as they are extremely helpful in providing some insight into human behavior. However, the user must understand the limitations.

Professor Gary M Galles explains here:

“Over the years, I have often heard “rocket science” used to describe the hardest things to do. But as an economics professor, I recognize that the questions of social coordination economics addresses are in many ways much more complex and difficult, especially when it comes to controlling results.“

Read the rest here:

https://fee.org/articles/if-only-economics-was-as-easy-as-rocket-science/


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