Knowledge Economics

In my youth it was said that what was too silly to be said may be sung. In modern economics it may be put into mathematics.

The field of economics is not exempt from the consequences of chaos and complexity. Marketplaces are indeterminate; value is subjective; and outcomes are subject to interpretation. Economic forecasting is just as nebulous, being based on the probability of statistical information that may or may not be accurate.

Economists have never allowed their analysis to be influenced by psychologists of their time, but have always framed for themselves such assumptions about psychical processes as they have thought it desirable to make.