<p>Hey now,</p>
<p>I never said I believed economics was a science. I was merely pushing the idea that scientific minds can have a unique, and beneficial, impact within the subject. </p>
<p>And yes, if certain models been 100% correct then we might not be in the current mess we are in now. However, I believe the main problem was the non-economists who were trying to use these approximate models as if they WERE 100% true. And on top of that, I dont think they should have been doing anything related to those models; the subprime mortgages were a just a dumb dumb DUMB idea (and thus there shouldnt have been a needed model to evaluate their worth). When 17 year olds kill people when driving while drunk, do we blame their ‘model’ that they had in their mind that they could have done it safely? If their model had worked out, did what they do become justified? Of course the answer is no, they should not have driving like that in the first place. </p>
<p>In short, greenspan should have killed the loans that lead to the housing crisis years ago.</p>
<p>Also, I invoked Black Scholes because it was a cool idea within the realm idea of economics that came from scientific thinking. I never tried to say that it was a remotely good idea to actually implement it in the financial sector. (I consider finance and economics almost entirely separate) Hell, the Heisenberg uncertainty principal is a better ‘tool’ in the financial world.</p>