Charlie Munger on economics

From one of Charlie Munger's talks from 2003, we have a good set of reasons on the failure of economics. While it is over a decade old, the arguments still apply today. I would like to say economists have solved some of the problems, but the issues all still exist. Nevertheless, some progress has been made. I cannot match Munger's prose or humor, so I will list the key features. Any investors should take his comments seriously.

1.  Fatal Unconnectedness, Leading To “Man With A      Hammer Syndrome,” Often Causing Overweighing   What Can Be Counted

     2.  Failure To Follow The Fundamental Full Attribution        Ethos of Hard Science

3.  Physics Envy

4.  Too Much Emphasis on Macroeconomics

5.  Too Little Synthesis in Economics

6.  Extreme and Counterproductive Psychological             Ignorance

7.  Too Little Attention to Second and Higher Order         Effects

8.  Not Enough Attention to the Concept of                     Febezzlement

9. Not Enough Attention to Virtue and Vice Effects