Nooo. Economics is a science based on and explained by numbers. So by nature it is black and white, but everyone does not have a black and white understanding of economics.
Economics is more like a religion than a science. As usually followers of that religion believe into books written by others but hardly experiment by themselves which would be science.
It's still a science, just some people don't actually study it.
What I mean is, the numbers don't go up and down due to just one factor. I didn't realize I was using the term incorrectly. Thanks for correction...;)
Although, when something like that happens to the wheat industry, the government pays the extra price for wheat products, so no one notices. Although in truth the prices are higher.
If we took away all the prices controls (market manipulation) we would see the true strength of the economy directly through prices.
When the any industry did bad the prices would show it. If the wheat industry had a bad crop yield, we would see the ripple effect in all wheat products. Higher baked good, etc. prices
Technically it does, but it is never directly shown due to price controls (government subsidies, bail outs, etc.).
