There is no real science behind economics, only the study of human behavior that drives economics. This means fundamentally analysis can mean nothing if “something” happens either to spook the crowd into a different economic path or even changing morality of a population can also change economics these factors cannot be calculated therefore making economics a unpredictable phenomenon. It is possible to calculate or make predictions on environmental factors that may alter the course of economics but sometimes even environmental factors can be unpredictable like for instance environmental disasters that come out of nowhere rocking economics stability and none knows how the people will react to the disaster either…
Culture is constantly changing (some say progressing but that totally depends on who is saying so…) influenced by situation, religion and it is culture that is something that influences human behavior. So does this actually make it impossible for economics to be a science? I say this because the results of scientific experiments must be the same each time you do the experiment but with unpredictability of culture and human behavior surely the results will not be the same each time.
You can make rational decisions as to what will be the consequences and how people would react to decisions you make but with so many conflicts of a opinions and the fact that a economic decision will negatively effect at least something then there will be always be conflict and differences of opinions? Sometimes the negative effects of a economic decision wont be seen for years to come and only then will people think the decision was a bad one.. often some people will think the decision is morally wrong whereas other will thinks its morally right depending on their religious and cultural background. Can you really make a accurate calculation to peoples reactions?
So if this is the case that economics cannot be calculated why do we let other use economics as though it can. In the past you could only buy what you could afford… but in today’s economic world where lending and speculative investments has meant people can now make trades in the future right now. This means that people can simply make trades of resources that they dont simply have but because these non existent assets have value on the computer then all is well. Even though in the future the accessibility of these resources could be restricted or even non existent in the future. Speculative investments are simply immoral and based on gambling but the bankers will always win because as far as they are concerned the trade they made months or years ago in no longer their problem… and it is up to the workers to to deliver their promise thus squeezing the suppliers to deliver based on their greed to make a investment to gain profit straight away in the past regardless of the consequences or impact on others in the future.
Surely confidence in the false promises will die? or will this madness continue and the greed of the bankers will ever increase, squeezing the rest of us even further whilst they live in future.