Posted: Mar 01, 2010 6:29 am
Elena wrote:alienpresence wrote:Just thinking how the predictive element of economic forecasts always seems to happen after a market event? I know this is probably a silly idea since all our lives depend on a stable fiscal system. What if the 'economy' was just so much astrology and oil?
It does resemble more pseudo-science than science, at least within some areas. The stock market, for example, seems to be unpredictable. Its behavior may be best described by chaos theory.
Have you read Freakonomics?
I'm just reading this now and it is having an effect on the way I view economics in general. I would agree with others that it is not pseudoscience, but differs from other forms of science.