© Reuters/Lucas Jackson
Despite the fact that the manufacturers of ideas have elevated economics to the (contradictory) levels of both a science and a religion, a market theodicy,
mainstream economics does not explain much when it comes to an understanding of real world developments. Indeed, as a neatly stylized discipline, economics has evolved into a corrupt, obfuscating and useless—nay, harmful—field of study. Harmful, because instead of explaining and clarifying it tends to mystify and justify.
One of the many flaws of the discipline is its static or ahistorical character, that is, a grave absence of a historical perspective. Despite significant changes over time in the market structure, the discipline continues to cling to the abstract, idealized model of competitive industrial capitalism of times long past.
Not surprisingly, much of the current economic literature and most economic "experts" still try to explain the recent cycles of financial bubbles and bursts by the outdated traditional theories of economic/business cycles.
Accordingly, policy makers at the head of central banks and treasury departments continue to issue monetary prescriptions that, instead of mitigating the frequency and severity of the cycles, tend to make them even more frequent and more gyrating.
Comment: So opponents of the Iran nuclear agreement rely on mainstream media reports that keep changing to form a judgement instead of the actual agreement? Either they are real stupid or just reaching for anything to derail the deal.