>>7612306>The use of mathematical models in mirco and macroeconomics as well as the use of economitrics totally ruined our field...No, if there was never any mathematical modelling in economics the field would have completely stopped producing any new content around 1960.
Mathematical models are utterly essential for econometrics. If you don't have a mathematical framework you can't make sense of econometric data and even if you take the position that all economic theory is worthless (way over the top) it is still utterly impossible to make a lot of important economic policy as well as corporate management decisions in any rational manner without considering the economic environment.
>The use of models in economics and finance are what led to almost every crisisNo, the gross misapplication of mathematical models in situations they weren't ever supposed to apply in by people who fully understood the implications of what they were doing and didn't care because it didn't affect their bonus got us into crises.
This is like saying the use of uranium in power generation led to Chernobyl. Like yeah in a general enough sense it did but deciding all models are bad as a result is just fucking retarded.
Economics as a field is retarded and most of the theory is pure garbage and modern research is either pure wankery or interpretation of new effects. But econometrics is both necessary as a society to manage resources and trade in a global economy, and based solidly in advanced statistics.
