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Economics is the worst of pseudoscience, especially since it is used everywhere to guide policy.
Economics has an assumptions problem. The foundational method of economic practice is to create models grounded in assumptions that are either not known, not knowable, or - incredibly - known to be wrong.
From https://pluralistic.net/2025/04/02/me-or-your-lying-eyes/#spherical-cows-on-frictionless-surfaces #economics #pseudoscience
pluralistic.netPluralistic: What’s wrong with tariffs (02 Apr 2025) – Pluralistic: Daily links from Cory Doctorow
As Milton Friedman famously wrote:
> Truly important and significant hypotheses will be found to have "assumptions" that are wildly inaccurate descriptive representations of reality, and, in general, the more significant the theory, the more unrealistic the assumptions (in this sense)