Repeat this to yourself as often as it takes:
"economics is just a tool!"
"economics is just a tool!"
"economics is just a tool!"
"economics is just a tool!"
"economics is just a tool!"
The job of
economics is to answer two types of questions: positive and normative, that is, to describe and compare. Nothing more.
Given certain
assumptions, economics will tell us whether or not a certain venture is
economically viable, whether or not a
tax will reach its desired goal, whether or not a product will sell. But, these are based on assumptions!
Put it this way - Economics is essentially
math. Would you trust math to guide you morally. No! (ok. There are some out there, but we don't listen to them...often) Should you, then, trust economics to tell you "
the Way". No.
Just as with math, assuming the
assumptions are correct, the
model sufficient, and the
computations accurate, economics will give a clear picture of things. But, dear friends, there is a lot of guess work there.
So, remember, economics is just a tool; use it, use it wisely, use it safely, but use your
head to tell you what's right.