I ran across this somewhat longish article at NakedCapitalism.com. Even if you are not a 6th grader you will find this interesting. In part, Andrew Dittmer, who in fact has taught 6th graders, our author, points out that modern economics is based on certain assumptions that render much of the application of advanced mathematics in economics false, misleading, yet amazingly resistant to criticism by non-economists exactly because of the use of obscurantist fog of mathematics. One of these assumptions is that players in a market have “perfect information” – this is summed up in action by Wikipedia as “Perfect information would practically mean that all consumers know all things, about all products, at all times (including knowing the probabilistic outcome of all future events) , and therefore always make the best decision regarding purchases.” There has been plenty of criticism of this concept even by economists, yet this concept is still embedded. Another assumption is that people will...




