The academic side of economics pushes towards norms like Math and Physics (that's what gets you prestige). AKA you come up with something like the Black-Scholes model and you've got yourself a Nobel Prize [1].
Which is cool, but skips over the aspects of economics related to unpredictable bags of meat buying things that are more like psychology/sociology and other "soft" sciences [2]
On that note: one thing I didn't see mentioned in the article or the discussion here was prediction markets. Prediction markets are interesting as its a meeting point of the two sides. "Think your model is better? put $50 in and we'll see in a month". I really wish they were more widely used/officially accepted, but the stigma of "betting" has pretty well killed them.
Which is cool, but skips over the aspects of economics related to unpredictable bags of meat buying things that are more like psychology/sociology and other "soft" sciences [2]
On that note: one thing I didn't see mentioned in the article or the discussion here was prediction markets. Prediction markets are interesting as its a meeting point of the two sides. "Think your model is better? put $50 in and we'll see in a month". I really wish they were more widely used/officially accepted, but the stigma of "betting" has pretty well killed them.
1 - https://www.investopedia.com/university/options-pricing/blac... 2 - https://xkcd.com/1520/