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Economic things that don't make sense

14. September 2009 18:11

The New York Times Freakonomics blog recently picked up on my 13 (More) Things... stories in New Scientist, and asked what might get into the economics version. My favourite answer in the comments was "tipping a server after a meal in a restaurant in which you are not a regular." However, it has always seemed to me that economics doesn't work in quite the same way as science. The theories are guidelines, mostly, for how things happen. It's very clear, in the current world climate, that many of the "laws" of economics don't really apply. Some have suggested that physics-based models should replace economics, but I'm not convinced that will work any better...

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© Michael Brooks 2009