"..... economics, for all its admirable intellectual achievements, can only be of limited predictive value because human beings and their interactions keep changing the reality economists seek to describe. If, for example, someone comes up with an economic model of the stock market that leads to successful investments, more and more people will start to follow the model. At that point, the stock market itself will change because investors have changed their behavior, and when that happens, the theory will not only no longer work — it may lead to terrible investment disasters."
Full WRM essay here.
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