Economics as a discipline suffers from “physics envy” when it tries and fails to build mathematical models of the economy and society. Instead, it should be studying human behavior and focus on the intersection of health, morality, philosophy, wealth creation and how to bring people out of poverty, Jay Richards says on The Bill Walton Show.
Economics as a discipline suffers from “physics envy” when it tries and fails to build mathematical models of the economy and society. Instead, it should be studying human behavior and focus on the intersection of health, morality, philosophy, wealth creation and how to bring people out of poverty, Jay Richards says on The Bill Walton Show.
In particular, economics and culture can’t be viewed separately. While some people care most about economic agendas, and others focus on social issues, you can’t really separate them. A vibrant market economy, vibrant economic growth requires a solid foundation in family, civil society, rule of law and religion.
