That's economics' second-biggest flaw. Its biggest flaw is its habit of assuming away coercion (in politics, foreign affairs and trade, immigration, law, crime, etc.) and security and yet pretending that its results are universal or readily applicable in coercive situations.https://twitter.com/EconTalker/status/1098641809608269824 …
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If you think an economic model is failing to explain reality, it can be improved. That's part of economics too. And btw economics deals (or can deal) with what you are talking about - e.g.: externalities.
Yes, economists deal with tons of important issues by wrapping them in the hopelessly abstract label "externalities" and then, their brains softly lulled by this opaque packaging, proceed to forget about them.
