[rhizome]

Not only that, but the current economic climate necessarily tells us where the effectiveness of economic theory lies.

[TheSpiceIsLife]

Not Economic Theory, but Economic Practice as implemented by politicians and bureaucrats.

That's not to say that economic theory is all sound, but that even the soundest of theories doesn't stand a chance against the incompetence of government.

[rhizome]

The "incompetent" economic behavior you speak of is also based upon theory.