> About 10 years ago, in the wake of the 2008 financial crisis, the Nobel Laureate economist Paul Krugman made the same point with respect to economics and mathematics in an influential article titled "How Did Economists Get It So Wrong?" His main answer was: mistaking mathematical beauty for truth. "As I see it," wrote Krugman, "the economics profession went astray because economists, as a group, mistook beauty, cla…
It is possible to be too critical about a magazine article, but it can't be stated enough that the evidence that economists are abusing maths is weak. Most of the evidence points to the economists abusing assumptions , which is hardly a mathematics problem. Most assumptions can lead to elegant math. The biggest problem in modern economics as practiced is the tacit assumption that because practically all people would…
I have difficulty what the term "economics" means, but usually my best intuition is to regard it as modelling of economic phenomena rather than engineering economy from theory.