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https://www.smh.com.au/business/the-economy/how-economics-could-get-better-at-solving-real-world-problems-20210131-p56y5e.html
The study of economics has lost its way because economists have laboured for decades to make their social science more mathematical and thus more like a physical science. They’ve failed to see that what they should have been doing is deepening their understanding of how the behaviour of “economic agents” (aka humans) is driven by them being social animals.
In short, to be of more use to humanity, economics should have become more of a social science, not less.
The study of economics has lost its way because economists have laboured for decades to make their social science more mathematical and thus more like a physical science. They’ve failed to see that what they should have been doing is deepening their understanding of how the behaviour of “economic agents” (aka humans) is driven by them being social animals.
In short, to be of more use to humanity, economics should have become more of a social science, not less.
