Re: ...we do not know enough to predict much of the activity in complex systems, but then, neither does physics.... As far as elementary particules go, it's correct. In the macroscopic world a science such as thermodynamics has proved to be quite accurate in describing physical systems on a statistical/probabilist basis. OTH, newtonian mechanics has demonstrated the complexity of a gravitational interactivity between N bodies (N>2)...
an increase in currency in excess of economic growth produces inflation,... Right, but then again: how do you scientifically define 'currency', 'economic growth', and 'inflation'? Take 'currency' for instance: does it include M2 or M2+M3; is it paper money + plastic + e-cash? Do we have to factor in eurodeposits (ie eurodollars)? And then there's the black economy, that is all those dollars that were produced in illicit activities and that account for roughly 20%-25% of the 'clean' economy... As you can see, these are all fuzzy concepts whose very unclarity allow bogus economists to mouth off their alleged wisdom without the risk of being denigrated. Whence their great skill to explain their past errors.... |
