I suspect that predicting the economy with economics is like predicting a persons behaviour from studying their biology. My desire for wisdom is in the form of perspective, I want to know the rough landscape of the economy (like the internal workings of a body).
For example I have little grasp of the industries contributing most to GDP or the taxes within my (or any other) country. In terms of government spending this site provides a nice overview for the UK, but it is only the start. I would love to know the chain of businesses and systems that provide the products I use each day. In particular, I’m very interested in the potential for technologically supported self sufficiency as a means for providing a robust underpinning to society. To do this effectively its necesary to understand the systems that we depend upon.
While such understanding might not enable prediction, I think it does provide perspective on potential opportunities and threats (just as biology does). It also helps to focus on relative importance, similar to how concentrating on cash flow helps prioritise business decisions. E.g. the social equivalent of worrying about too much paper usage in office printers when there are entire business units that aren’t profitable. Or similarly, being blind to opportunities that could render many other problems irrelevant (such as easy self sufficiency reducing the necesity for potentially problematic government infrastructure).
Interesting points.
I suspect that predicting the economy with economics is like predicting a persons behaviour from studying their biology. My desire for wisdom is in the form of perspective, I want to know the rough landscape of the economy (like the internal workings of a body).
For example I have little grasp of the industries contributing most to GDP or the taxes within my (or any other) country. In terms of government spending this site provides a nice overview for the UK, but it is only the start. I would love to know the chain of businesses and systems that provide the products I use each day. In particular, I’m very interested in the potential for technologically supported self sufficiency as a means for providing a robust underpinning to society. To do this effectively its necesary to understand the systems that we depend upon.
While such understanding might not enable prediction, I think it does provide perspective on potential opportunities and threats (just as biology does). It also helps to focus on relative importance, similar to how concentrating on cash flow helps prioritise business decisions. E.g. the social equivalent of worrying about too much paper usage in office printers when there are entire business units that aren’t profitable. Or similarly, being blind to opportunities that could render many other problems irrelevant (such as easy self sufficiency reducing the necesity for potentially problematic government infrastructure).