| Kasz216 said:
It's INSANE to think that with how different consumer culture is, you could have anymore then a VERY broad view of how the economy works globally. Instead, economic theory should really be done specifically by region. |
Application is critical by region, which would work against global multinationals trying to do business. The theory part ends up working against it as a theory. When you go economics as a discipline, what is said is supposed to work everywhere, irregardless of culture or anything else. The fact that there is cultural impacts playing part does undermine a mathematically focused economics, rather than one based on experimentation and real life practices. The laws of supply and demand are supposed to work everywhere, and macro and micro should also. Such should be able to produce highly predictable outcome in results. Well, the way economics works now, this presumptive folly has a lot of money riding on it, and end result is that you get bad consequences that aren't forecast, due to the hubris of thinking they got it. Hubris is what caused the mess we have with the financial crisis.
