An analysis and commentary from me about Anatole Kaletsky writing about economics that are no longer able to make good predictions and precise and should always be revised and a lot of things about the various negative impacts on economic policy development and relevance to the financial world with various crises and recessions, including sub-prime mortgages crisis systemic effect throughout the world.
Now, the economist that tends to not involved mathematic in description of thinking logical, they call as economist from “Jurassic Park” era. This reality more strong when many students of advanced Economy Faculty confused, because they feels come to Jurusan Mathematics. According to myself that’s why economic formulas not able and accurate to predicting indicators of macro economic include growth and conditions economic in the future. Because they used many of mathematic and statistic science to calculated the economic trend and growth. Mathematics and statistics is only a linier dimension with modern complicated formulas. Meanwhile, human as businessman, their labour in manufactures and channel distributions and worldly consuments as business produts user is a human biologic that have many aspects in mentality, hearts, psychologic, expectations, bio- rihytmic, dreams and mindset in 2 – 4 dimensions. This human being have dynamic nature and always will be to make change, creative, breakthrough, motivated, innovated and inventor for fulfil their growing and change in taste, needs and wants and human vision in travel space (physics) and time (meta-physics).
The failure of economic science to reduce the occurance global crisis is a protest of economic science approach that more in mechanic nature. Economic science mengabaikan humanic side, like history approach, psychologic intuitive, sociology and political context understanding. For myself, economic science must be entering the sciences of biology, psychology, medical, socio humaniore, bio- physic and bio-chemistry and being mathematically in 2 – 3 dimensions.
The failure of economic science to reduce the occurance global crisis is a protest of economic science approach that more in mechanic nature. Economic science mengabaikan humanic side, like history approach, psychologic intuitive, sociology and political context understanding. For myself, economic science must be entering the sciences of biology, psychology, medical, socio humaniore, bio- physic and bio-chemistry and being mathematically in 2 – 3 dimensions.
Kaletsky underline 2 points that being fatal mistakes of modern economic science mainstream which have been effluent of global crisis is rational expectation theory and market efficient. With simplified, the second assumptions become a hand or benchmark between businessman and government in decision making. Kaletsky tells that rational investors will be thinking about probability of downturn house price is nol. This signal will be transmitted to the bankers in giving the loans on assets collateral certainly to continue being move up. And the regulators also believe that market can give the best informations for insentive to manage business risk.
Meanwhile, Adam Smith has give a holly messages that in treatment human relations with economic planning and decision making, we must be harmonized with social, nature environment and outer space in vision, concept, activities in non- linier calculating, humanity and environment friendly and not to maximized profit and more exploitation various the resources of natural and human being on its social aspects. That’s why, economy and business science only produces many problems in social gap, environtment damage, poverty, economic turbulencies, overheating and bubble economic, diseases, mental disorder (egoism, greedy, consumerism, snobbish and over enrichment without heart), low level socio-politic conditions in underdeveloping countries and war to grap and dominated various natural resources and markets.
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