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Chuck Becker's avatar

Economics is founded on qualitative bases: "more is better", etc. If you change those qualitative bases, as for example AGW is forcing us to consider doing, all of economyics simply falls apart. Budget constraints and I difference curves cease being relevant, yada, yada. Or say, as has been theorized (Buchholz) we are approaching the end of the era of scarcity ... what then is left of economics as it currently exists? Economics, Dear Reader, is a dinosaur among sciences.

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GrayceJ's avatar

Thank Albert Einstein. He grounded theoretical physics at a time when experimental physics was king. Now, theoretical anything is running side by side with provable, demonstrable anything. Economics is a social science, and has a rate of decay that depends on the changing knowledge of the players. There is not one actual "economy."

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