Comments by "" (@diadetediotedio6918) on "MentisWave"
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@elLooto
Fair enough. But you are conflating physics (which concerns itself to be able to identify mathematically the general laws that governs physical systems) with economics that are a human field and do not possess such capacity. Every single model in physics has the objective to be able to generalize to a class of phenomena and be able to apply to it, so the laws should be able to precisely describe what will occur in the pond when you throw the rocks into that pond (even if they don't give you the exact answer of how many ripples would form and their exact waveforms), we still know how they will behave and we are able to predict correctly what will happen. If physics where unsound we would not be able to build structures or machines, computers would be impossible, so we know for the efficiency on actually predicting physical phenomena very accurately that physics is not unsound (and, if some event in reality contradicts a physical prediction, the whole theory is generally revisited and can change drastically).
When we are talking about economy, however, the mathematical models do not possess such predictable power (as they more than often just fail), and they also can't be expressed as general laws as they are arbitrarily constructed to fullfil a target and model an entire society at once (if we are talking about macroeconomy, at least), from them no generally appliable rules that can break the entire theoretical basis can be drawn or refuted, they can only fail or be reasonably succeed at the time. What you are saying is that the models can't even be applied to real world because they are unable to be proven due to the ripple effect, but to even prove that they are accurate descriptions of economic behavior you need to apply them into the real world in a way that is sound, that's why a possible implication of this is that these models are unsound. Obviously, this do not means that economics don't have fundamental laws that describe market processes, but integrating these laws with the economic mathematical models is another beast that requires integration and epistemic justification.
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