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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Would say those are bad economists. One of the main differences between economics and accounting is that the former also deals with non-monetary, hidden costs as well. It's the economist job to consider effects beyond short-term $ gain.
In that case, nearly all economists are bad economists, because nearly all economists commit these fundamental errors when talking about the supposed policy consequences of their speculations.
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P.S. I don't mean to pick on economists; the other social "sciences" are generally even worse.
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It’s because modeling the behavior of people is way, way harder than modeling, say, the movement of celestial bodies.
End of conversation
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