Economists have started using a lot of mathematical formulas, and so think that economics has become mathematics, and so by controlling the variables, they can have the desired outcome. This is the basis of Leftism, and of the modern day highfliers advising this and that government.
In reality, economy is a self-evolved system, much like the body of a living organism, say a human being. What the economy of a place evolves into depends upon what abstract rules are followed. Societies which respect private property, give the citizens the freedom to enter private contracts, and then the State enforces those contract, become more prosperous over time compared with those which do not follow these rules. In short, societies which value and protect trade and traders become richer than those which do not, over a long period of time.
So, as a human body can be studied, and processes devised to repair it within certain limits, even to modify its shape and size within certain limits by following certain procedures, but it can not be taken apart and put back again in a better shape, nor we can design and construct a better man; so is with economy. We can study it, repair various sectors of it, make it better by following certain abstract rules (as outlined above); but we can never dismantle it and put back in a better shape, nor can we ever design a better economy from the scratch. Economy evolves.
The few economists who have come to know of the above fact either do not reveal it, or are not believed; and the Leftists do not get it.
And so we see the destruction of boom and bust cycles, and destruction of the whole countries when the Leftists seize them. Economists do not want to acknowledge this basic nature of economy because their jobs ride on their claim that they can design a better economy.
Leftists take apart the economy, and soon discover that they can not put it back together again. They conclude that men are not upto the task of understanding and following their higher moral standards, and so, to create the new man, start killing human beings in millions, but end up ravaging both-the society and the economy.