Thomas Carlyle called economics "the dismal science." And most other clear-eyed people nowadays will state that economics is not even a science.
Given the ways that the various schools of economic thought have contributed to the collapsing global economies, we can be certain it is not a science. It seems more like a simple trade – like an executioner or a mortician. :-)
One of my kids got a degree in economics from Yale. I think he agrees with you more than you know. Part of the problem is accurate records. Everyone is lying. When you need to qualify for a mortgage the house is worth a million. When the tax appraisal arrives you claim the same house is worth $600,000. This nonsense invades every aspect of our economies, worldwide. Black markets hide an unknown amount of activity, as well.. We need better measurement tools to even know what we are talking about.
Good point about the flexible valuation of the house. But let's not forget that it's mostly NOT the lowly homeowner who's engaging in fraud, but the banksters, the C-suite execs, and the board members.
Essentially, they engage in fraud, asset stripping, and other devious schemes. With the expected results.
I was just using an easy example everyone should be able to understand. I agree the problem is industry wide.
Yes, I understand why you used that example. I just wanted to add my 2-cents worth. Cheers!
Hello @majes.tytyty
I am in agreement with your thoughts. Traditional economic thinking lacked numerous practices that other "pure sciences" do. Experimentation, peer-reviewed arguments and an emerging consensus of opinion are just some of them.
That's where, in our opinion, cryptoeconomics will come into play. Due to the transparent and irreversible nature of the blockchain, carrying out economic experimentation on a large scale can be effective, that will help in fine-tuning the system. Another prospective use can be the allowance of choice of economic systems for people, where they can choose which economic system suits them the most, or be a part of several of them together.