The Coin Files on Nostr: Predicting human behavior, especially on a mass scale, is an impossible task. ...

Predicting human behavior, especially on a mass scale, is an impossible task. However, #Keynesian economists believe otherwise. One of their primary assumptions is the rationality of market participants, based on which they construct models and aggregates to forecast human responses to various policies. This assumption, however, falsely categorizes economics as a natural science when, in reality, it is not. If predicting the reaction of one individual is inherently challenging, how can we claim accuracy in predicting the responses of millions?

Learn about Austrian economics.

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