The Return of History

The problem with economics is that it is not meant to be realistic because it is founded on constructs. Therein lies the problem with treating economics scientifically. Of course, art is a construct as well, thus treating economics as such is only a matter of semantics, introducing no real change into how it is conducted. The true historical purpose of economics is the delineation between the haves and the have-nots, the powerful and the powerless, indicating it is defined more by greed rather than rational choice. Economics is therefore ultimately a corrupt philosophy. It is meant to fail. Once humanity moves beyond wealth accumulation for the sake of avoiding reality, then we will truly have made progress.

NO!

All wrong.

Economics is an attempt to understand human behavior.

Modeling is just a tool. If we understand how commercial relations work, we can try to predict the consequences of our actions. Outside of closed door institutions there is no escape from any part of reality. Locally, by applying sufficient wealth, we can modify reality.

There is no philosophy in the discipline. Practitioners have philosophies.