[ExI] Inflation graph

[BillK]

On Sat, Nov 30, 2013 at 3:46 PM, John Clark  wrote:
> On Sat, Nov 30, 2013 at 6:51 AM, Anders Sandberg wrote:
>> > Physics is clearly just as crappy [as economics]. That "law of gravity"
>> > clearly has loads of exceptions - balloons, birds, clouds. Clearly it cannot
>> > make good predictions with all those exceptions of buoyancy, drag, the
>> > Yarkovsky effect and whatnot.
>
>
> Often that is true but sometimes there are important real life situations
> where it is not, such as the motion of the planets. Economics can point to
> very few real life situations analogous to planetary motion in physics.
>
>> > If you really think economics doesn't know anything useful [...]
>
>
> That would be stating things a little more strongly than what I would be
> comfortable with.
>
>


I think that economics theory does have useful insights, which
sometimes apply in the real world.

But I think the problem is simply that the finance industry et all,
have realised that bribery, corruption, fraud and theft are far more
profitable than following some economic theory. As more and more money
accumulated, with little downside from the law and regulators, the
problem grew larger and larger.

Market theory and economic theory fail in corrupt markets.


BillK