No science at all

Economics, commonly referred to as a social science, is a study of the production, distribution (allocation) and consumption of resources. With no set of rules and only outside intervention (government regulations and tax incentives) economics is, at best, dismal science. Please forgive the depressing nomenclature but, unlike real science (biology, chemistry, mathematics and psychology), economics is not an exact science nor can it turn a hypothesis into a law using the experimental model. Although economics is a study of the economy, the scientific method of isolating variables and forming theories has no use when it comes to the principle of scarcity.

Economic booms of the past followed by chaotic busts spark fear in pessimists and optimists alike, leaving them (and everyone not previously mentioned) clueless as to what the state of the economy has to offer for the future. From here, it appears nothing can stop this burst in technological development and success. Nobody knows, especially not economists.

Scott Pot…Are we on an easy-money binge or are we simply paving the way for the future of technology? If history repeats itself and this boom busts, how will previously made capital be correctly allocated? How will businesses evolve to better meet the wants and needs of their customers? Like manufacturing replaced farming, what will replace web applications and social media advertising? Just a little more food for thought.

Go on and marinate on that for a minute.