> a branch of mathematics called game theory, which is often used by economists, to work out how events will unfold as people and organisations act in what they perceive to be their best interests.
If it were really used by economists in power (e.g., in central banks or government), they would have foreseen the end of Bretton Woods, the early 80s recession, the 2000 and 2008 economic crisis, the currency race to the bottom, the strictly monotonically increasing gov't debt, the current housing price increases, ...
They might have also figured out that taxes to prevent smoking are likely to have the same effect if you apply them to employment and other productive applications.
Yet, here we are. The only question that remains is: Stupidity or malevolence?
If it were really used by economists in power (e.g., in central banks or government), they would have foreseen the end of Bretton Woods, the early 80s recession, the 2000 and 2008 economic crisis, the currency race to the bottom, the strictly monotonically increasing gov't debt, the current housing price increases, ...
They might have also figured out that taxes to prevent smoking are likely to have the same effect if you apply them to employment and other productive applications.
Yet, here we are. The only question that remains is: Stupidity or malevolence?