Where do economists fail today?March 17
Economists focus too much on thing that are measurable, and forget about other things.
For example, if you look at medicine, it might seem like a binary problem: people either live or they die. But what about quality of life? If you are living a horrible life under treatment, and you die shortly after the treatment ends, this is not a victory, it's a mistake.
What about dignity? We might be able to write checks for anyone whose job is being replaced by a robot, but guess what, many people would prefer to find another job instead. There is a sense of dignity in being able to work for money, which you then use to provide for your family.
The data often struggles to help economists to make a non-quantifiable decision. It's important to realize that, and understand that sometimes a decisions cannot be made on data alone.