Monthly Archives: August 2009

Why Economic Science Could Not Predict The Global Financial Crisis

Modern economics has become intensely mathematical in nature. To pursue economics as an undergraduate or graduate programme of study today requires significant mathematical skills. The real world, however, is composed of people and of social systems. In order to make people, culture and institutions fit in to mathematical equations, economists make assumption, many or most…

Monthly Archives: August 2009

Why Economic Science Could Not Predict The Global Financial Crisis

Modern economics has become intensely mathematical in nature. To pursue economics as an undergraduate or graduate programme of study today requires significant mathematical skills. The real world, however, is composed of people and of social systems. In order to make people, culture and institutions fit in to mathematical equations, economists make assumption, many or most…