> While economics has issues, this is an unfair assessment.
It's the truth.
> Entire nations base economic policy based on much economic theory.
Sure. Just like in the past entire nations based their economy/society on religion.
> That is as predictive as you can get, betting with real stakes.
No. That's called "gambling". It isn't predictive. It isn't science.
> Choosing good or poor economic policy results in predictions either way.
You are mistaking what I mean by "predictive". I meaning in the sense of science where assertions are made and if it fails, the theories/laws are gotten rid of. It is empirically and predictive based where you can test it.
Imagine a religious society. A priest says, if everyone prays to god, then we will have a great harvest. Everyone prays but we get terrible harvest. What's the priest's response? People didn't pray hard enough.
Economics is the same. If an economic model fails, they blame politics/the people/weather/whatever. A socialist/communist economists will cling to their beliefs and say no "true" form of socialist economics system has been created yet. There isn't a "test" to definitively show on or the other. That's what I mean.
It's the truth.
> Entire nations base economic policy based on much economic theory.
Sure. Just like in the past entire nations based their economy/society on religion.
> That is as predictive as you can get, betting with real stakes.
No. That's called "gambling". It isn't predictive. It isn't science.
> Choosing good or poor economic policy results in predictions either way.
You are mistaking what I mean by "predictive". I meaning in the sense of science where assertions are made and if it fails, the theories/laws are gotten rid of. It is empirically and predictive based where you can test it.
Imagine a religious society. A priest says, if everyone prays to god, then we will have a great harvest. Everyone prays but we get terrible harvest. What's the priest's response? People didn't pray hard enough.
Economics is the same. If an economic model fails, they blame politics/the people/weather/whatever. A socialist/communist economists will cling to their beliefs and say no "true" form of socialist economics system has been created yet. There isn't a "test" to definitively show on or the other. That's what I mean.