I mean a lot of concepts in economics are descriptive, they note phenomenon that just happen when humans engage in trade or resource allocation amongst each other.
It’s basically the three body problem but with sharing according to the maximum satisfaction of want and need instead of gravitational fields.
Kind of both. The science of economics is full of models with false assumptions and self fulfilling prophecies. Economy exists because we believe it does and because of said self fulfilling prophecies
Economy exists not because we believe it does, but because we agreed to follow particular rules, many of which are enforced by state. It is emergent phenomenon. But it does not make it any less real than any other emergent phenomenon, like air pressure.
Economics is not
Its real and true about some rules that in no way relate to the real world. Just like a video game has rules, yet it in no way describes reality.
It is real because we all believe it. The video game is a good example, we can shut it down and all your items are gone. Same with economy.
I mean a lot of concepts in economics are descriptive, they note phenomenon that just happen when humans engage in trade or resource allocation amongst each other.
It’s basically the three body problem but with sharing according to the maximum satisfaction of want and need instead of gravitational fields.
Are you talking about the science of economics or economy?
Kind of both. The science of economics is full of models with false assumptions and self fulfilling prophecies. Economy exists because we believe it does and because of said self fulfilling prophecies
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Economy exists not because we believe it does, but because we agreed to follow particular rules, many of which are enforced by state. It is emergent phenomenon. But it does not make it any less real than any other emergent phenomenon, like air pressure.