I recently mentioned (in relation to property) that “experts” sometimes think they can predict the future.
This seems to be very prevalent in economics, which I thought was odd because other sciences have come up to date and recognised the existence of chaos and complexity. When we handle money we do it in a real world, in which chaos operates. But the rules of handling money are set by politicians advised by economists, whose rules don’t seem to include chaos and work on the basis that the future is predictable if you can measure enough things accurately enough.
I thought that maybe I’d misunderstood, and that perhaps the world was predictable. Then this documentary on chaos turned up on the BBC and confirmed,
chaos is part of life,
the future is unpredictable
scientists have all accepted these facts, and actually have forgotten that they ever believed the Newtonian idea that you could predict the future.
But for some reason, economists are stuck in a time warp!