Inflation has risen in three of the last four months and is slightly higher than it was a year ago. Yet you wouldn’t know it from listening to President Donald Trump or even some of the inflation fighters at the Federal Reserve who have dismissed or even downplayed inflation.
So did physics. So did chemistry. That proves precisely nothing.
Well, here is the thing chemistry and physics evolved out of philosophy as a pursuit of finding theories to explain the world whereas economics evolved out of philosophy as a way of imposing an ideology on others about how society is best structured and what is “natural” for society vs. “unnatural”.
Chemistry and physics are actually sciences, they seek to understand the natural world through theories, economics on the otherhand imposes its ideology on reality and then starts from there in its quest to understand as it cosplays as an actual respectable science.
Chemistry and physics have predictive power, economics is like music theory it is always just explaining why things happened in retrospect with no actual window into what motivates and causes patterns. Everything is imposed after the fact and then worked back from the imposed set of axioms. The best that can be said about economics at this point is that it is a set of pattern matching tools that are struggling to evolve into a science, and yeah I don’t think it is there yet or even particularly close because of the mindset of most people in economics who have sway over the direction the “science” moves do not think and act like scientists.