I agree with that critique, as far as it goes.

Another problem in economics is the notion that math equals 'rigor', and therefore only mathematical models can have any validity. There is certainly a place for mathematics in economics, but the economic system, like any system, can be analyzed in terms of structure and function, without one iota of math.

Specifically, this system is chaotic (intrinsically unstable) because all of the variables in it are interdependent. That could be cured by making the supply of money (as currency) a truly exogenous variable. That would make it and the economy as a whole stably self-regulating. (if curious: "Paradigm Shift"--here in Medium, but not behind the paywall)