Does anyone not believe 95-99% of the populace make the vast majority of their economic decisions on there here and now and that 99.9999% of all politicians do not make economic decisions based on re-election calculus? Or am I just being my usual cynical bastard self?
I'd go with that. This is what makes a lot of economic theory so laughable.
It is thought up by rational people (with a math bias) to explain an irrational world (or at least so complicated by conflicting incentives as to be un-mappable). Far better to have an understanding of Chaos Theory, Mandlebrot, Psychology etc.
At least then you'll appreciate that you don't know much, as opposed to thinking you know plenty.
Buffett and the other smart money realised this a long time ago...