Though in recent times people tend to pick and choose which models they base their thinking on, depending upon their chosen political agenda.
Brief example: There has been a lot of political hand waving about possible inflation or even hyperinflation. If you look at a version of the Phillips Curve, unemployment and inflation have an inverse relationship. High unemployment = low inflation or worse. And inflation has remained low, while deflation has actually been more of a threat, and is actually a problem in many countries.
Wikipedia seems to think that the 1970s in the US show that it doesn't work.
More details: http://www.themoneyillusion.com/?p=9677
In economy, you find out that whenever "Gentleman Jim" bets, he tends to win 70% of the time, rather than the 49% everyone else gets. Now, depending on policy, you either:
a) forbid jim to play b) readjust jim's token-to-money conversion ratio so he is on par with other players c) invest your money with jim
Note, though, that this being a zero sum game, anything other than (a) will bankrupt the house....
Sure if economics could be reduced to gambling it is zero-sum but betting in economics is betting on those who will create value(ideally).