mathematics is needed...
We use mathematics for models of molecular systems, biological systems even transport systems.
Why not economic systems? "Wait!", I hear you say, "Don't we already use models?".
You couldn't publish results from a molecular dynamics code without publish the mathematics of your model, I fail to see how economics gets a free pass and gives politics the <handwaveium> tag to play with.
For the learned commentards reading this familiar with differential equations, you will realise that the introduction of a time-delay in the transfer function of a feedback loop can lead to oscillations.
Too much of modern economics is predicated on the historical inertia that many of the models pre-2000 were built on. Modern economics has the ability to move much faster than the physical world can catch up, the dot-com boom was a symptom of this. This hysteresis is acute where human timescales are eclipsed by economic ones. For example, how long is the supply chain for your food? Your petrol? Your house? Your job?
In short, I don't believe any economics model that has less mathematics than my biophysics models.
And I don't trust any politician who talks about economics without mathematics.
P.
Biting the hand that feeds IT
