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Why Modern Economics Is "Rubbish"

submitted by marbles

1 decade 3 years 5 months ago

Carl Menger, who founded the Austrian school on one axiom only: "value does not exist outside mankind's consciousness." As Jaitly goes on to say, "all other forms of economics, classical, neoclassical economics, ascribe value to something else other than the human mind." And the punchline, coming from a mathematician: "all of the equations in neoclassical economics are rubbish. The differential equations describe nothing. Economics is not about mathematics, it is about the human being."
/source: http://www.zerohedge.com/article/max-keiser-and-sandeep-jaitly-explain-why-modern-economics-rubbish