What scientists can learn from economists in the fight against Covid-19
To the rest of the world, the UK has looked arrogant and incompetent, a toxic mix
Economists are often accused of having science envy. Their models produce imprecise predictions and their forecasts are regularly poor.
During the 2008 financial crisis it became clear that many of these criticisms were valid. Economic models failed to capture important properties of complex financial systems in ways evolutionary biologists and epidemiologists found staggeringly naive. The main working tools in financial markets relied on hyper-rationality when their designers and regulators should instead have been reading more sociology and anthropology.