That's missing the point. Economics is treated more like thermodynamics. In thermo you have lumped parameter models (parameters like temperature and enthalpy) that are actually correct even though they dont take tiny details into account.
IMHO the problem with economics is that their simple models are not over a closed system. A supply and demand curve is fine for a specific product, but it fails if you try to use it at the macro level where other factors come into play.
I'd love to work on better models for the fed, with the data and experts they have.
IMHO the problem with economics is that their simple models are not over a closed system. A supply and demand curve is fine for a specific product, but it fails if you try to use it at the macro level where other factors come into play.
I'd love to work on better models for the fed, with the data and experts they have.