In other words, he was a clueless failure who hijacked immutable principles from the world of physics and misapplied them to the economic realm.

The result, predictably enough, is that modern economics doesn't work.

It doesn't work because it masquerades as a science when it is really just a combination of dogma and very crude modelling. The modelling doesn't work because garbage in equals garbage out.

Sadly, this doesn't stop the governor of the Bank of England from advocating overly simplistic policies in a highly complex world.

What is alarming today is that almost nobody dares challenge the mandate or even ongoing existence of central banks as prime fixers of prices in the financial markets. (Spoiler warning: price fixing doesn't work.)