The question of why economics failed came up in a recent economic forum "Unlearning Economics" wherein the following response was provided. This is obviously a short version of a much more in depth complex answer but should serve to drive the fundamental point across "Economics ignores the macro-physical rules of reality at great peril" It is a peril, that in the end, exponentially advances the last chapters of the human condition.
"Economics simply fails because it ignores the laws of physics, exponential mathematics and the concept of eternity. It falsely believes its abstractions and theories, which create a make-believe positive-sum-game world, will, by sheer hope and dreams, overcome and defeat the negative-sum game constraints that define existential reality. It AIN'T going to happen - Entropy and Eternity will win the day - being absolutes that you cannot convince, negotiate or legislate in any way.
T A McNeil
CEO and Founder