Poor Charlie's Almanack: The Essential Wit and Wisdom of Charles T. Munger · chapter 2 · id poor-charlies-almanack-c2-02-economics-suffers-from-physics

“Economics suffers from 'physics envy' -- excessive mathematization that obscures rather than illuminates, because human systems are fundamentally different from physical systems.”

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Receipts

Paul Romer, 'The Trouble with Macroeconomics' (2016)source alive

Romer, 2018 Nobel laureate, called post-real macroeconomics 'pseudoscience' and attacked excessive reliance on DSGE models that failed to predict the 2008 crisis.

Nobel Prize Committee, 2017 Economics Prize (Richard Thaler)source alive

Thaler awarded Nobel 'for his contributions to behavioural economics' -- validating that psychology must be integrated into economic models.

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